12 Principles of Economics Vocabulary

12 Principles of Economics Vocabulary

9th - 12th Grade

14 Qs

quiz-placeholder

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12 Principles of Economics Vocabulary

12 Principles of Economics Vocabulary

Assessment

Quiz

Other

9th - 12th Grade

Easy

Created by

Francis Collins

Used 4+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the decision

by an individual of what to do, which

necessarily involves a decision of

what not to do, called in economics?

Sunk cost
Economic surplus
Marginal benefit

Individual Choice

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything that can be

used to produce something else is called?

resource
product
material

opportunity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When not enough

of the resources are available to

satisfy all the various ways a society

wants to use them, we call this condition?

abundance
surplus
plenty
scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is the real cost of an item. It's what you must give up in order to get it.

Marginal cost
Opportunity cost
Sunk cost
Fixed cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you compare the costs with the benefits of doing something, you make a what?

financial assessment

trade-off

trading offer

benefit evaluation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define a marginal decision in economics?

A marginal decision is the final choice made after all options are considered.

A decision about whether to do a

bit more or a bit less of an activity

A marginal decision refers to the total cost of an activity without considering changes.
A marginal decision is the choice to maintain the current level of activity regardless of benefits.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of marginal decisions, or a marginal decision, is called?

Statistical analysis

Marginal assessment

Cost-benefit analysis
Marginal analysis

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