Unit 1 - Basics of Economics - K
Authored by Nam Tran
Social Studies
12th Grade
Used 3+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is economics?
The study of how people seek to satisfy their needs and wants by making choices.
The study of how people spend their money.
The study of how businesses grow.
The study of how civilization has developed.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic economic problem?
Scarcity
Poverty
Equity
Opportunity Cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. Scarcity or Shortage
Scarcity
Shortage
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. Scarcity or Shortage
Scarcity
Shortage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land is...
material found in nature.
effort a person devotes to a task and is paid
the people who take the risk to combine FOP to create goods and services.
a man made good that helps you to produce other goods and services.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is labor?
effort a person devotes to a task and is paid
the people who take the risk to combine FOP to create goods and services.
a man made good that helps you to produce other goods and services.
material found in nature.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Entrepreneur is...
the people who take the risk to combine FOP to create goods and services.
a man made good that helps you to produce other goods and services.
material found in nature.
effort a person devotes to a task and is paid
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