Quiz & Worksheet - Economic Scarcity

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Economics is best described as the study of:

how markets find resources

how businesses maximize profits

how goods and services are produced

how a country chooses to allocate its scarce resources

how banking works

Worksheet

Print Economic Scarcity and the Function of Choice Worksheet

1. Economics looks at

how governments satisfy business demand
how businesses use unlimited resources to satisfy unlimited consumer wants
how people use unlimited resources to satisfy limited wants
how people use scarce resources to satisfy unlimited wants
how people use unlimited resources to satisfy their unlimited wants

2. The perpetual problem in economics is:

the inability of people to work together effectively.
the inability to satisfy everyone's wants with the resources available.
the gap between the income of the rich and the poor.
the inability to efficiently use resources.
how to supply enough to earn a consistent profit

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About This Quiz & Worksheet

The quiz will ask you to define the key terms revolving around the topic of economic scarcity. Some questions will also ask you about commonly held tenets in the field of economics. These tenets are the assumptions that economists first make before analyzing economic situations.

Quiz & Worksheet Goals

The assessment will test you on these following ideas:

Field of economic study
Definition of scarcity
Main issue of economics

Skills Practiced

The quiz will help you practice these skills:

Reading comprehension - ensure that you draw the most important information from the related economic scarcity lesson
Interpreting information - verify that you can read information regarding economics and interpret it correctly
Information recall - access the knowledge you've gained regarding the result of scarce resources and high demand

Additional Learning

After you complete the quiz, make sure to head over to the corresponding lesson titled Economic Scarcity and the Function of Choice. This lesson will help you further deepen your knowledge. The lesson covers these objectives: