Review: Economics FINAL Exam

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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46 questions
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1.
FLASHCARD QUESTION
Front
A condition where unlimited wants are greater than limited resources, also known as the fundamental, universal, perpetual economic problem which is a condition that no one is immune to:
Back
scarcity
2.
FLASHCARD QUESTION
Front
The Production Possibilities Curve (PPC) for the US typically moves _____ indicating ______.
Back
right, growth
3.
FLASHCARD QUESTION
Front
An economic process that involves motivation by self-interest and regulation by competition, thus is guided by the "invisible hand" is known as
Back
voluntary exchange
4.
FLASHCARD QUESTION
Front
Who benefits in the ideal example of voluntary exchange?
Back
both parties in the exchange
5.
FLASHCARD QUESTION
Front
______________ controls the FOP in a command economy.
Back
government alone
6.
FLASHCARD QUESTION
Front
A 401k is
Back
all of these are characteristics of a 401k
7.
FLASHCARD QUESTION
Front
How do we measure our economic well-being as individuals and as a country? Options: by our FOP, by our national debt, by our standard of living, by our comparative advantage
Back
by our standard of living
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