The study of how we make decisions in a world in which resources are limited is called...
The Big Picture of Economics

Quiz
•
Social Studies
•
10th Grade
•
Hard
John Robinson
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economics
Microeconomics
Macroeconomics
Opportunity Cost
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Looking at the "big picture" of the economy describes...
Economics
Microeconomics
Macroeconomics
Trade-Off
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The cost of the next best use of your time or money when you choose to do one thing rather than another.
Scarcity
Cost-Benefit Analysis
Opportunity Cost
Trade-Off
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
____________ occurs whenever we do not have enough resources to produce all the things we would like to have.
Economic System
Economics
Macroeconomics
Scarcity
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Macroeconomics looks at the economy as
individuals
a whole; the big picture
the smaller picture
it is not a component of economics
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the Circular Flow Model, the two main markets are:
Private & Public property
Factor Market & Product Market
Government and Consumers
Real Estate and Business
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Because of scarcity and costs, people weigh their options and make decisions based on benefits and costs is known as:
Physical Captial
Labor
Marginal Analysis
Human Capital
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