________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.
Economic Wants

Quiz
•
Social Studies
•
12th Grade
•
Hard
John Robinson
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economics
Supply and Demand
Capitalism
Personal Finance
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do you satisfy your unlimited wants in a world of limited resources?
by making more money
by making choices
by stealing
by setting a budget
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
Market
Tradeoff
Scarcity
Equity
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants.
Economics
Trade-Off
Choice
Scarcity
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The study of how people use their scarce resources to satisfy their unlimited wants.
Scarcity
Economics
Microeconomics
Macroeconomics
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the term for the desire for goods and services that are not necessary for survival but are desired for comfort and pleasure?
A) Economic Wants
B) Basic Needs
C) Scarcity
D) Resources
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is an example of an economic want?
A) Water
B) Shelter
C) Smartphone
D) Food
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