Economics Final Review Levy Fall 2024
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Wayground Content
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35 questions
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1.
FLASHCARD QUESTION
Front
The study of how societies deal with scarcity is known as
Back
Economics
2.
FLASHCARD QUESTION
Front
How do new technologies affect production possibilities?
Back
it would increase production
3.
FLASHCARD QUESTION
Front
What is the Law of Demand?
Back
as prices go up, demand goes down
4.
FLASHCARD QUESTION
Front
What is the Law of Supply?
Back
as price goes down, supply goes down
5.
FLASHCARD QUESTION
Front
You can easily carry money in a picket or purse, is which characteristic of money?
Back
portability
6.
FLASHCARD QUESTION
Front
In this economy, the consumers make all the economic decisions. They can decide what to produce, how to produce and for whom to produce. Which economic system is this?
Back
Free Enterprise
7.
FLASHCARD QUESTION
Front
Buying a ticket to the movies instead of paying your electric bill is an example of
Back
opportunity cost
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