The Big Picture of Economics

Quiz
•
Social Studies
•
10th Grade
•
Hard
John Robinson
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The study of how people seek ways to meet their wants and needs by making choices is called?
Economics
Philosophy
Capitalism
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What factor of production does this picture represent?
Land
Capital
Labor
Entrenprenour
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite
Shortage
Opportunity Cost
Scarcity
Choice
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
It is your second choice-what you give up when you make a decision.
Choice
Opportunity Cost
Scarcity
Shortage
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
This means that the government should not interfere in the marketplace.
Laissez Faire
Capitalism
Communism
Socialism
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The fact that there are limited amounts of goods and services to meet unlimited wants is called:
Scarcity
Shortage
Surplus
Economics
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When you make a choice, you often have to give up other options...those things are called the...
Opportunity Cost
Missed Opportunities
Misused Resources
Scarce Options
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