Basic Economic Concepts Quiz

What is the basic economic problem discussed in the lesson?

• Unlimited wants and finite resources

• Unlimited resources and finite wants

• Unlimited needs and resources

• Finite needs and wants

What is opportunity cost?

• The cost of the next best alternative foregone

• The total cost of all alternatives

• The cost of the most expensive alternative

• The cost of the least expensive alternative

Which of the following is an example of opportunity cost for consumers?

• Buying a phone vs. saving for college

• Investing in new equipment vs. marketing

• Spending on healthcare vs. military

• Choosing between two brands of cereal

What is the difference between needs and wants?

• Needs are essential for survival, wants are not

• Wants are essential for survival, needs are not

• Needs and wants are the same

• Needs are more expensive than wants

What is one method mentioned for differentiation in the learning material?

• Group reading of a textbook

• Paired discussion using real-world choices

• Watching a documentary

• Writing a research paper

Which resource is used to explain scarcity and opportunity cost?

• Videos on economic theories

• Slides explaining scarcity and opportunity cost

• Interactive online games

• Guest lectures from economists

What activity is suggested for exam practice?

• Writing a 10-page essay

• Creating a poster

• Providing students with a 4-mark and 6-mark question on scarcity and opportunity cost

• Conducting a debate

What technique is used in the plenary activity to recap key points?

• Group discussion

• "Whip Around" technique

• Silent reading

• Watching a video summary

What concept should be introduced clearly using visuals according to the document?

• Trade-offs

• Opportunity cost

• Supply and demand

• Market equilibrium

What should be emphasized to show its relevance to student lives?

• Real-world relevance

• Historical events

• Mathematical theories

• Literary analysis