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11 questions
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  • Q1
    What does scarcity force consumers, producers, and government decision makers to do?
    make good use of products they have
    work harder to make money
    make choices
    make more products
  • Q2
    What do all choice have?
    an opportunity cost
  • Q3
    When you make a choice how many choices are you really making?
    depends on the number of things there are to select from
  • Q4
    Who has to face the problem of scarcity?The problem of scarcity faces all individuals and organizations, including businesses and governments: • We have unlimited wants, but our resources are limited. • The goods and services we want exceed our ability to produce them. • Scarcity forces consumers, producers, and governments to make difficult choices.
    only the very wealthy individuals, organizations including businesses and governments
    the poor or people in poverty
    people who spend more than they earn
    individuals, organizations including businesses and governments
  • Q5
    What is scarcity?
    it is the fear that individuals, organizations including businesses and governments have based on a shortage of currency
    it is the fear of prices going up
    it is the inability to satisfy all wants at the same time
    it is the fear of not having enough money
  • Q6
    What are resources?
    factors of production that are used in the production of goods and services.
    money or currency
    all the things needed in order to have a marketplace
    people who work
  • Q7
    What is choice? is selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited.
    a moral or value decision between right and wrong
    the opportunity cost of the selection
    the selection of and item or action from a set of possible alternatives
    the actual price or cost of and good or service
  • Q8
    What is opportunity cost?
    is a decision that must be made and it will cost you a price or money to buy or pick
    is the value of an economic opportunity and what that opportunity will cost the individual or organization
    is what is given up when a choice is made (the second-best alternative). Individuals must consider the value of what is given up when making a choice.
    is what is selected when making a choice (the first and best alternative)
  • Q9
    What is Production?
    is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.
    is what is made when nature and creativity are combined with individuals with money
    is a combination of real and personal property
    the things that you have when you combine money, investments and savings
  • Q10
    What determines what is produced?
    Available resources and consumer preferences
    available money
    the price
    resources and advertising
  • Q11
    What is consumption? Consumer preferences and price determine what is purchased and consumed.
    is the using of goods and services.
    is the using of all your resources and no longer being able to make a product
    because of scarcity consumers are constantly making choices
    is what happens when individual and organizations make poor economic decisions

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