Economics:  Reviewing the Basics

Economics: Reviewing the Basics

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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25 questions

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1.

FLASHCARD QUESTION

Front

The value of the next best alternative that has to be given up for the action that is chosen is called the:

Back

opportunity cost

2.

FLASHCARD QUESTION

Front

According to the law of supply, higher prices prompt producers to:

Back

produce more

3.

FLASHCARD QUESTION

Front

This is the money left over after all of the costs of production have been paid.

Back

profit

4.

FLASHCARD QUESTION

Front

According to the law of demand, when the price of an item goes up, the quantity demanded:

Back

falls

5.

FLASHCARD QUESTION

Front

What goods and services should be produced, how they should be produced, and who should share in what is produced are three basic questions addressed by:

Back

all economic systems

6.

FLASHCARD QUESTION

Front

Adam Smith's "invisible hand" refers to the role of: the government, the market, customs and beliefs, factors of production

Back

the market

7.

FLASHCARD QUESTION

Front

In a capitalist system (free market), most property is:

Back

private property

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