Lesson 2 Economic Decision Making

Lesson 2 Economic Decision Making

9th Grade

20 Qs

quiz-placeholder

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Lesson 2 Economic Decision Making

Lesson 2 Economic Decision Making

Assessment

Quiz

Social Studies

9th Grade

Easy

Created by

Julie Capps

Used 4+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Why can't we always get what we want? Fill in the blank: Our wants always exceed our _________?

resources

needs

desires

abilities

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Why do economists consider goods like cell phones to be scarce?

Because not everyone wants them

Because the materials and labor needed to build them are limited

Because they are free for everyone

Because they are always available

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the difference between a shortage and scarcity?

A shortage is temporary and occurs when the quantity of something desired is less than what is available at the current price, while scarcity is a permanent condition where resources are always limited.

A shortage is a permanent condition, while scarcity is only temporary.

Scarcity refers to a surplus of resources, while shortage means there is too much supply.

A shortage means resources are unlimited, while scarcity means prices are always high.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What are inputs in the production process?

The goods and services produced

The resources that go into the production process

The willingness to take risks

The equation for production

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Fill in the blank: The production equation in its simplest form is ______ + labor + capital = goods and services.

land

money

technology

energy

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is NOT considered a land resource?

Air

Solar energy

Furniture

Water

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Entrepreneurship is best described as:

The process of combining resources to produce goods

The willingness to take risks involved in starting a business

The goods and services produced

The natural resources used in production

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