
Module 5 Lesson 1 Review - Economics Basics
Flashcard
•
Social Studies
•
6th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
Which statement best characterizes opportunity cost?
Back
The value of a product that you give up in a tradeoff with another product.
2.
FLASHCARD QUESTION
Front
How are natural resources, labor, capital, and entrepreneurs related?
Back
Their supply is limited.
3.
FLASHCARD QUESTION
Front
Which of the following is NOT a factor of production?
land and natural resources,
labor,
capital,
food chain
Back
food chain
4.
FLASHCARD QUESTION
Front
Suppose a farmer uses skills and tools to grow strawberries on a farm, and she sells them at a market. A drought destroys the farmland which results in fewer crops. Consumers have to buy strawberries at a higher price. This situation would cause
Back
contraction
5.
FLASHCARD QUESTION
Front
system of producing, selling, and buying goods and services
Back
economy
6.
FLASHCARD QUESTION
Front
The money an individual or business has left after paying expenses is called
Back
profit
7.
FLASHCARD QUESTION
Front
Nations that rely on trade with one another for supplies of scarce resources experience
Back
economic interdependence
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