Economics Unit 2 Specialization and Government Regulation

Economics Unit 2 Specialization and Government Regulation

Assessment

Flashcard

Social Studies

11th Grade

Hard

Created by

Quizizz Content

FREE Resource

Student preview

quiz-placeholder

10 questions

Show all answers

1.

FLASHCARD QUESTION

Front

the condition that exists when someone can produce a good or service using fewer resources than someone else

Back

Absolute advantage

2.

FLASHCARD QUESTION

Front

the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else

Back

Comparative advantage

3.

FLASHCARD QUESTION

Front

the act of willingly trading one item or service for another

Back

Voluntary Exchange

4.

FLASHCARD QUESTION

Front

Which of the following is the best example of specialization? Options: Workers use their skills to be self-sufficient. An online clothing outlet offers customized monograms focus on local trade and economies An assistant in a tailoring shop only replaces zippers

Back

An assistant in a tailoring shop only replaces zippers

5.

FLASHCARD QUESTION

Front

When countries specialize and trade, they

Back

become economically interdependent.

6.

FLASHCARD QUESTION

Front

What is the primary role of government regulations in business?

Back

To ensure fair competition and consumer protection

7.

FLASHCARD QUESTION

Front

What is a potential risk associated with deregulation?

Back

Market instability and consumer harm

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?