What are the three basic economic questions?

Economic Principles and Concepts

Interactive Video
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Social Studies, Business
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9th - 12th Grade
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Hard

Liam Anderson
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the price of goods, how are they distributed, and who produces them?
What goods and services will be produced, how should they be produced, and who consumes them?
What is the demand for goods, how are they marketed, and who buys them?
What are the resources available, how are they allocated, and who owns them?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why can't societies produce all the goods and services they need?
Because they lack the technology
Because resources are limited
Because they don't have enough labor
Because they don't have enough capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when a society decides to produce one good over another?
They increase their labor force
They increase their resources
They give up the opportunity to produce another good
They decrease their efficiency
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do societies decide how to produce goods and services?
Based on the availability of factors of production
Based on the price of goods
Based on the government regulations
Based on the demand for goods
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term used for the distribution of goods and services?
Allocation
Production
Consumption
Regulation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which method is commonly used in modern societies to distribute goods and services?
Tradition
Government allocation
Price tags
First come, first served
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is economic efficiency focused on?
Maximizing the use of labor
Producing the most goods with the least amount of resources
Ensuring equal distribution of income
Maintaining stable prices
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