2025-Semester Exam

2025-Semester Exam

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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46 questions

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1.

FLASHCARD QUESTION

Front

cost of the next best alternative use of money, time, or resources when one choice is made rather than another

Back

Opportunity cost

2.

FLASHCARD QUESTION

Front

are the alternative choices people face in making an economic decision

Back

Trade-offs

3.

FLASHCARD QUESTION

Front

the study of how people satisfy wants with scarce resources describes

Back

Economics

4.

FLASHCARD QUESTION

Front

fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants

Back

Scarcity

5.

FLASHCARD QUESTION

Front

What is the meaning of the acronym TINSTAAFL?

Back

There Is No Such Thing As A Free Lunch

6.

FLASHCARD QUESTION

Front

combination of desire, ability, and willingness to buy a product

Back

Demand

7.

FLASHCARD QUESTION

Front

lowest legal price that can be charged for a product

Back

Price Floor

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