
Economics Unit 1 Review
Flashcard
•
Social Studies
•
11th - 12th Grade
•
Practice Problem
•
Hard
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19 questions
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1.
FLASHCARD QUESTION
Front
What is the difference between a shortage and scarcity?
Back
A shortage is temporary but scarcity always exists
2.
FLASHCARD QUESTION
Front
Economics is the study of how people seek to satisfy their needs and wants by making choices.
Back
True
3.
FLASHCARD QUESTION
Front
Individuals who come up with a new idea for a good or service, then they make it a reality
Back
entrepreneur
4.
FLASHCARD QUESTION
Front
The idea that resources are limited; we don't have an unlimited supply of what we want
Back
scarcity
5.
FLASHCARD QUESTION
Front
Which of the following is a need? Options: Ice cream, Houses, Basketballs, Candy!!! (I want candy)
Back
Houses
6.
FLASHCARD QUESTION
Front
What is the fundamental problem of every society?
Back
scarcity
7.
FLASHCARD QUESTION
Front
What are the 3 economic questions?
Back
What to produce? How To Produce? For whom to produce?
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