for Teachers for Schools for Enterprise
for Teachers for Schools for Enterprise
Course Navigator
Opportunity Cost: Definition & Real World ExamplesNext Lesson 

Economic Scarcity and the Function of Choice

Chapter 1 /  Lesson 1   Transcript
Start Your Free Trial Today
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:

Start Your Free Trial To Take This Quiz

As a member, you'll also get unlimited access to over 70,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Free 5-day trial
It only takes a few minutes to set up and you can cancel at any time.
Already registered? Login here for access
Worksheet
Economic Scarcity and the Function of Choice Worksheet

1. Economics looks at

2. The perpetual problem in economics is:

Start your free trial to access this entire page
A premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

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:

  • Defining economics and economy
  • Describing the fundamental economic issue in detail
  • Identifying different types of resources
  • Exploring the meaning and effects of scarcity
You are viewing lesson Lesson 1 in chapter 1 of the course:

 Back To Course

Economics 102: Macroeconomics

16 chapters | 137 lessons | 14 flashcard sets

Ch 1. Scarcity, Choice, and the Production...
Ch 2. Comparative Advantage,...

Explore our library of over 70,000 lessons

Browse by subject
Support