
VA SOL - 11 - 12 - Economics
Flashcard
•
History
•
7th - 8th Grade
•
Practice Problem
•
Hard
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28 questions
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1.
FLASHCARD QUESTION
Front
______ is the inability to satisfy all wants at the same time because all resources and goods are limited.
Back
scarcity
2.
FLASHCARD QUESTION
Front
_______ are factors of production that are used in the production of goods and services. Examples are natural, human, capital, and entrepreneurship
Back
resources
3.
FLASHCARD QUESTION
Front
A tree is what type of resource?
Back
natural
4.
FLASHCARD QUESTION
Front
A tractor is what type of resource?
Back
capital
5.
FLASHCARD QUESTION
Front
______ - is a selection of an item or action from a set of possible alternatives.
Back
choice
6.
FLASHCARD QUESTION
Front
______ - is what is given up when a choice is made (the second best alternative.
Back
opportunity cost
7.
FLASHCARD QUESTION
Front
What is Sally's opportunity cost by choosing to buy the sweater?
Back
saving the money
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