What is an economic enigma?

A puzzle or riddle that may be explained through economic analysis.

What does the Scarcity-Forces-Trade Offs Principle state?

The idea that limited resources force people to make choices and face tradeoffs when they choose.

The idea that everyone gets what they want.

The idea that resources are unlimited.

The idea that trade is unnecessary.

Which principle is a restatement of the scarcity-forces-tradeoff principle?

Trade-Makes-People-Better-Off Principle

What is the definition of cost in economics?

What is spent in money, effort, or other sacrifices to get something.

What is gained from an activity.

What does benefit refer to in economics?

What is gained from something in terms of money, time, experience, or other improvements.

What does the Cost-Versus-Benefit Principle help you compare?

The prices of different products.

The number of workers in a factory.

What is the margin in economics?

The border or outer edge of something.

The number of employees in a company.

What does the Thinking-at-the-Margin Principle suggest?

Many decisions involve choices about using or doing a little more or a little less of something rather than making a whole-sale change.

People should never change their habits.

All decisions are made without considering alternatives.

Only large changes matter in economics.

What is marginal cost?

What is given up by adding one more unit to an activity.

The profit from selling one more unit.

What is marginal benefit?

What is gained by adding one more unit to an activity.

The total benefit from all units.

The cost of producing one more unit.

What does the Incentives-Matter Principle state?

People respond to incentives in generally predictable ways.

Incentives have no effect on behavior.

Only governments respond to incentives.

What is the main idea of the Trade-Makes-People-Better-Off Principle?

People benefit by focusing on what they do well and trading with others, rather than trying to do everything themselves.

People should avoid trading with others.

Everyone should produce everything they need themselves.

What is the definition of a market?

an arrangement that brings buyers and sellers together to do business with each other.

a government-controlled system for distributing goods.

a place where only sellers meet.

a system where only buyers interact.

What does the Market-Coordinate-Trade Principle state?

the idea that markets are usually the best way to coordinate exchanges between buyers and sellers.

the idea that governments should control all exchanges.

the idea that only buyers benefit from markets.

the idea that trade should be avoided.

What is the "Invisible Hand" according to Adam Smith?

a metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole.

a government policy to control the market.

a tool used to measure economic growth.

What does the Future-Consequences-Count Principle refer to?

the idea that decisions made today have effects in the future.

the idea that only present actions matter.

the idea that consequences are always immediate.

the idea that the past determines the future.

What is the Law of Unintended Consequences?

the general observation that the actions of people and governments always have effects that are not expected or intended.

the law that all actions have only positive effects.

the rule that only governments can create consequences.

the idea that consequences are always planned.

What is data in the context of economics?

factual information, often in numerical form.

a visual representation of information.

a visual representation of the relationship between two sets of data.

a written report on economic trends.

a quantity that can vary, or change.

What is an economic model?

a simplified representation of reality that allows economists to focus on the effects of one change at a time.

a government plan for the economy.

What does the Rational-Behavior Model (homo economics) suggest?

the idea that people behave in ways that are based on reason and self-interest.

the idea that people always act irrationally.

the idea that only governments act rationally.

the idea that self-interest is harmful.

What is the role of competition in a free enterprise system?

provides an incentive for businesses to create new and better products and ways of serving customers. Is a hallmark of the free enterprise system.

eliminates all business innovation.

prevents businesses from serving customers.

is not important in a free enterprise system.

What is a free market?

an economic system in which the workings of the market are not planned or directed.

a system where the government controls all business.

Which of the following best defines "Goods" in economics?

Physical articles that have been produced for sale or use, such as food, clothing, and cars.

Work done by someone else for which a consumer is willing to pay.

The willingness and ability to take risks in starting a business.

A measure of the efficiency with which goods and services are produced.

What is an example of a "Service" in economics?

Teaching, gardening, and childcare

What does "Entrepreneurship" refer to in economics?

The willingness and ability to take the risks involved in starting and managing a business.

The tools and machines used to produce goods.

The lack of something that is desired.

Which of the following best describes "Capital" in economics?

The tools, machines, and buildings used to produce goods and services.

Physical articles produced for sale or use.

The value of the next best alternative given up.

A measure of efficiency in production.

What does "Productivity" measure?

The efficiency with which goods and services are produced, often stated as the quantity produced per person per hour.

The value of the next best alternative given up.

The lack of something that is desired.

The willingness to take risks in business.

What is "Opportunity Cost"?

The value of the next best alternative that is given up when making a choice.

The tools and machines used to produce goods.

The lack of something that is desired.

What does the "Production Possibility Frontier (PPF)" show?

All the combinations of two goods that can be produced with the resources and technology currently available.

The lack of something that is desired.

The willingness to take risks in business.

The value of the next best alternative given up.

What does "Shortage" mean in economics?

The lack of something that is desired.

The tools and machines used to produce goods.

The willingness to take risks in business.

A measure of efficiency in production.

Which formula is used to represent the production process?

land + labor + capital = goods and services

What is a renewable resource?

A resource that can be replaced as it is used with careful planning

A resource that cannot be replaced once used

A resource used only for investment

A man-made object used in production

What does the term "Labor" refer to in the context of production?

The time and effort people devote to producing goods and services in exchange for wages

Money used for investment or production

Natural resources used in production

Man-made objects used in production

What is Human Capital?

The knowledge and skills people gain from education, on-the-job training, and other experiences

Money used for investment or production

Natural resources used in production

Man-made objects used in production

Unit 1 Lessons 1-2 Economic Vocabulary Review Quiz

59 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how people choose to use their limited resources to satisfy their unlimited wants called?

Economics

Biology

Geography

Sociology

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes a system used to manage limited resources for the production, distribution, and consumption of goods and services?

Economy

Incentive

Resource

Scarcity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which branch of economics uses objective analysis to find out how the world works and aims to describe how things are?

Positive Economics

Normative Economics

Cost-Benefit Analysis

Tradeoff

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the branch of economics that applies value judgments to data in order to recommend actions or policies?

Normative Economics

Positive Economics

Scarcity

Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the condition that results because people have limited resources but unlimited wants?

Scarcity

Resource

Tradeoff

Incentive

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the exchange of one benefit or advantage for another that is thought to be better called?

Tradeoff

Resource

Economy

Incentive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a way to compare the costs of an action with the benefits of that action, and if benefits exceed costs, the action is worth taking?

Cost-Benefit Analysis

Normative Economics

Scarcity

Positive Economics

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

58 questions

1920s Depression and new deal review

Quiz

•

10th - 12th Grade

55 questions

Work & Economy Worksheet

Quiz

•

11th Grade

60 questions

Law 1 S2 final

Quiz

•

9th - 12th Grade

54 questions

AP Human Geo Unit 4: Political Patterns & Processes

Quiz

•

9th - 12th Grade

56 questions

General Psychology Ch. 1&2 History and Approaches Quizizz

Quiz

•

11th - 12th Grade

60 questions

APHG Review #4

Quiz

•

9th - 11th Grade

57 questions

The US Citizenship Exam Part 1, 2, & 3 (For Arkansas)

Quiz

•

10th - 12th Grade

57 questions

Reviewer_2 AP 8 2nd Quarter MATATAG

Quiz

•

8th Grade - University

Popular Resources on Wayground

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

29 questions

Alg. 1 Section 5.1 Coordinate Plane

Quiz

•

9th Grade

$fractions$

22 questions

fractions

Quiz

•

3rd Grade

11 questions

FOREST Effective communication

Lesson

•

KG

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

Discover more resources for Social Studies

15 questions

1920s Quizizz

Quiz

•

11th Grade

33 questions

Unit #2 PFL & Eco Exam (2024 Version)

Quiz

•

11th Grade

15 questions

SBAC Practice HSS26_Vasquez

Quiz

•

9th - 12th Grade

8 questions

1990's Review

Quiz

•

11th Grade

26 questions

US History Benchmark Review

Quiz

•

11th Grade

12 questions

Standard 5/ Pres Policies

Quiz

•

11th Grade

16 questions

SBAC Practice HSS26

Quiz

•

9th - 12th Grade

12 questions

Understanding the Vietnam War Responses

Quiz

•

11th Grade

Unit 1 Lessons 1-2 Economic Vocabulary Review

What is the study of how people choose to use their limited resources to satisfy their unlimited wants called?

Which term describes a system used to manage limited resources for the production, distribution, and consumption of goods and services?

Which branch of economics uses objective analysis to find out how the world works and aims to describe how things are?

What is the branch of economics that applies value judgments to data in order to recommend actions or policies?

What term describes the condition that results because people have limited resources but unlimited wants?

What is the exchange of one benefit or advantage for another that is thought to be better called?

What is a way to compare the costs of an action with the benefits of that action, and if benefits exceed costs, the action is worth taking?

What is any factor that encourages or motivates a person to do something, such as prices, taxes, and laws?

What is anything used to produce an economic good or service called?

What is an economic enigma?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Social Studies