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Economics Unit 1 Review

Economics Unit 1 Review

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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25 questions

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1.

FLASHCARD QUESTION

Front

A want is a...

Back

A desire that can be satisfied by consuming a good or service

2.

FLASHCARD QUESTION

Front

What is the difference between needs and wants?

Back

Needs are necessary for survival

3.

FLASHCARD QUESTION

Front

Economics is the study of how individuals and societies satisfy their unlimited wants with limited resources.

Back

How individuals and societies satisfy their unlimited wants with limited resources

4.

FLASHCARD QUESTION

Front

Which option below is NOT one of the Four Factors of Production? Land, Labor, Wants, Capital

Back

Wants

5.

FLASHCARD QUESTION

Front

Scarcity is...

Back

There are not enough resources

6.

FLASHCARD QUESTION

Front

An Opportunity Cost is....

Back

The value of something that is given up to get something else

7.

FLASHCARD QUESTION

Front

Incentives are...

Back

Benefits offered to encourage people to act in certain ways

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