What is the definition of scarcity?
Understanding Economics

Quiz
•
Business
•
9th Grade
•
Medium

Anonymous Anonymous
Used 1+ times
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20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The unlimited availability of resources.
The limited availability of resources, forcing people to make choices.
The abundance of money and time.
The ability to have everything we want.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a "need"?
Designer clothes
Concert tickets
Basic clothing
Streaming subscriptions
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to prices when demand is high and supply is low?
Prices go down.
Prices remain the same.
Prices go up.
Prices fluctuate randomly.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a "want"?
Food
Shelter
Video games
Medicine/healthcare
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the cost in the decision-making process?
The benefit you gain from a decision.
The reward you receive for making a choice.
What you give up when you make a decision.
The total amount of money spent.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a store offers a discount for buying two items instead of one, what type of incentive is this?
Negative Incentive
Positive Incentive
Neutral Incentive
No Incentive
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the benefit in the decision-making process?
The amount of money you save.
The consequence of a poor decision.
What you gain from the decision.
The time you spend making a decision.
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