Academic year. No matter what organization you use, you can pull out individual worksheets from these 0. 11th - 12th grade . ... Chapter 1.1 Assessment (The Basic Problem in Economics) DRAFT. Examine the three basic economic questions every society must decide. The explanation should state that fewer resources reduces the ability of an economy to produce both products/reduces productive potential/reduces GDP which results in the shift of PPC to the level With questions and key terms. Introduction to Microeconomics (ECON 201) Uploaded by. 2. 2. ANS: A PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page 14. Applying Economic Concepts Scarcity Read to find out why scarcity is the basic economic problem that faces everyone. Chapter 1 - economics basics - questions and answers Practical question (Chapter 1 to 5) University. Economics is the study of _____. Share. Section 1 - Basic Economic Problem. Solve free development class 10 mcq with answers, helpful for CBSE Class 10 Economics Chapter 1. Chapter 1: What is Economics? Explain the fundamental economic problem. Edit. Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. Preview this quiz on Quizizz. scarcity. Edit. lucas tonton. 4. 2.ANS: B PTS: 1 DIF: Average REF: Learn more about this question in Economics Principles and Practices, page 17. This answer should inclulde : a PPC (production possibility curve) diagram (properly labeled) showing a shift of PPC to the left. 1. 3. False Question 2 Economics is the study of choice under conditions of Scarcity Question 3 The knowledge that students gain while in college is referred to by economists as human capital. Economic choices D o you think the study of economics is worth Economics is a social science that studies the choices that individuals, businesses, governments, and entire societies make in the presence of poverty. Social Studies. Concordia University. 33 minutes ago by. • Since we are unable to have everything we desire, we must make choices on how we will use our resources. Explain why scarcity and choice are the basis of economics. Save. Course. Explain how scarcity affects the factors of production. Chapter 1 / Lesson 6 Transcript Video; Quiz & Worksheet - Basic Economic Problem of Scarcity Quiz; Course; Try it risk-free for 30 days Instructions: Choose an answer and hit 'next'. Played 0 times. • Scarcity is the condition in which our wants are greater than our limited resources. Chapter 1.1 Assessment (The Basic Problem in Economics) DRAFT. efficiency. Define the three factors of production and the differences between physical and human capital. necessity. 2016/2017 33 minutes ago by. Describe what entrepreneurs do. Question 1 The basic problem of economics arises when there are unlimited resources available to fulfill society's limited wants. 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