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The Basics Module 1 - Common Sense Economics

Instructions: Complete the quiz using the following word bank: Greed, Benefit and Cost(s), Incentives, Opportunity costs, Economics, Scarcity, Marginalism, Consumers, Producers, Altruism

  1.  
    Incentives are the rewards and penalties associated with choices.
  2.  
    When productive resources are limited and the human desire for goods and services is practically unlimited
  3.  
    The highest valued alternative good or activity that must be sacrificed as a result of choosing an option
  4.  
    Economic theory that states individuals make economic decisions when the value is determined by how much additional utility or benefit an extra unit of a good or service provides
  5.  
    Something that is advantageous and the expense to acquire something
  6.  
    The study of how individuals, governments, business and other organizations make choices that affect the allocation and distribution of scarce resources.
  7.  
    A selfless concern for the well-being of others
Answer Key
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Date: ___________________________________

The Basics Module 1 - Common Sense Economics (Answer Key)

Instructions: Complete the quiz using the following word bank: Greed, Benefit and Cost(s), Incentives, Opportunity costs, Economics, Scarcity, Marginalism, Consumers, Producers, Altruism

  1.  
    Incentives are the rewards and penalties associated with choices.
    Incentives
  2.  
    When productive resources are limited and the human desire for goods and services is practically unlimited
    scarcity
  3.  
    The highest valued alternative good or activity that must be sacrificed as a result of choosing an option
    Opportunity Cost
  4.  
    Economic theory that states individuals make economic decisions when the value is determined by how much additional utility or benefit an extra unit of a good or service provides
    Marginalism
  5.  
    Something that is advantageous and the expense to acquire something
    Benefit and Cost
  6.  
    The study of how individuals, governments, business and other organizations make choices that affect the allocation and distribution of scarce resources.
    Economics
  7.  
    A selfless concern for the well-being of others
    altruism

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