
Economics Unit 1 Test Foundations
Authored by Portia Studenroth
Social Studies
12th Grade

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9 questions
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1.
MATCH QUESTION
1 min • 1 pt
Match
Actions or activities done for buyers
Entrepreneurs
Physical items created for selling
Cost Benefit Analysis
people who start businesses
Goods
what is given up when making a choice
Opportunity Cost
listing out the pros & cons of a choice
Services
2.
MATCH QUESTION
1 min • 1 pt
Match
What is given up when you make a choice
scarcity
All resources are in limited supply
costs
What you spend when you make a choice
tradeoffs
What you gain when you make a choice
benefits
Study of how people make choices to meet
Economics
3.
MATCH QUESTION
1 min • 1 pt
Match
land, labor, capital
thinking at the margin
Considering benefit of one unit
factors of production
resources used to make a product
outputs
something that motivates you to act
incentives
goods and services produced by inputs
inputs
4.
MATCH QUESTION
1 min • 1 pt
match
Effort and time put into producing somet
capital
Man-made machines, and tools used
human capital
Expertise skills & knowledge of laborers
land
All natural resources
physical capital
Human capital and physical capital
labor
5.
MATCH QUESTION
1 min • 1 pt
match the types of economies
decisions made by individuals & govern.
Free Market
all decisions made by the government
Command
no government intervention at all
Mixed
uses customs to determine what is made
Traditional
6.
DROPDOWN QUESTION
1 min • 1 pt
7 Principles of Economics:
1. (a) Forces Tradeoffs
2. (b) vs. Benefits
3. Thinking at the (c)
4. (d) Matter
5. Trade Makes People Better Off
6. Markets Facilitate Trade
7. (e) Consequences Matter
7.
DROPDOWN QUESTION
1 min • 1 pt
7 Principles of Economics
1. Scarcity Forces Tradeoffs
2. Costs vs. (a)
3. (b) at the Margin
4. Incentives Matter5. (c) Makes People Better Off
6. (d) Facilitate (e)
7. Future Consequences Matter
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