Foundations of Economics Vocabulary
Authored by BRIAN HAWKINS
Other
8th - 12th Grade
Used 220+ times
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13 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The state of being in short supply or a shortage
Opportunity Cost
Consumption
Price
Scarcity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A benefit, profit, or value of something that must be given up to acquire or achieve something else
Production
Opportunity Cost
Supply
Scarcity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something that is found in nature and can be used by people
Natural Resource
Human Resource
Capital Resource
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Set of individuals who make up the workforce of an organization, business sector, or economy
Natural Resource
Capital Resource
Human Resource
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods produced and used to make other goods and services
Human Resources
Natural Resources
Capital Resources
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Process of designing, launching, and running a new business
Consumption
Entrepreneurship
Opportunity Cost
Price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption
Consumption
Production
Opportunity Cost
Supply
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