1.1 Econ Formative

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1.1 Econ Formative

LT 1.1: I can understand the concept of scarcity and its role in decision-making. (Chapters 1.2; 1.3; 2.2)

MUST SCORE 3/4 to pass this quiz! Retake if needed!

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Hour 1

Hour 2

Hour 3

Hour 4

Hour 5

1.Economics is the study of: *

1 point

Money

How people choose to use scarce resources

Factors of production and final goods and services

How the government controls the flow of money

2.Scarcity exists because there are ____resources but ____wants *

1 point

unlimited, unlimited

limited, limited

limited, unlimited

3. When Charet goes to the store to buy some coffee beans she notices that Cub Foods is temporarily sold out of the brand she usually buys. What economic concept best explains this situation? *

1 point

Scarcity

Shortage

4. The idea that limited resources force people to make choices and face trade-offs when they choose *

1 point

Cost versus benefits

Thinking at the margin

Scarcity forces trade-off

Incentives matter

Self-Assessment: How well do you feel you know the content on this quiz? *

I guessed on every answer

I knew every answer- didn't even have to use my notes!

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