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Economics is a social science that studies the choices that individuals, businesses, governments, and entire societies make in the presence of poverty. Test bank MULTIPLE CHOICE. 1. Ch. 2. Section 1: Scarcity and the Science of Economics THE FUNDAMENTAL ECONOMIC PROBLEM SCARCITY is the basic economic problem of how to meet people’s seemingly unlimited wants with scarce resources. B)could be a reward but could not be a penalty. Sierra Vista High School provides a 21st century education that emphasizes critical thinking, communication, and respect for diversity, in a safe and positive environment, supported by collaborative community involvement, in order to create … ... Answer choices in this exercise are randomized and will appear in a different order each time the page is loaded. It will take students through the syllabus and awaken in them cie examination requirements consciousness. It is excellent for key stage 4, pupils. Quick Quiz (open access) 1 . You have remained in right site to begin getting this info. In each activity in this unit, students use play dough to help them learn the economic concepts. The Circular Flow of Economic Activity: Guided Notes 8. Basic Economic Concepts: Guided Notes 6. An Economics Worksheet to give students a strong background knowledge on the syllabus Assessment Objectives and Economics Unit 1, Business Activity. Describe what entrepreneurs do. The Economic Way of Thinking: Guided Notes 2. Unit 1 teaches the basic economic concepts that students should know to be able to do Units 2-4 effectively. Chapter 1 What is Economics? C)could be either a reward or a penalty. 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