Economic Scarcity and the Function of Choice

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