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