

Econ and Gov Midterm Review
Flashcard
•
Social Studies
•
4th - 12th Grade
•
Practice Problem
•
Hard
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50 questions
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1.
FLASHCARD QUESTION
Front
What is economic scarcity?
Back
The idea that everything has a limited supply.
2.
FLASHCARD QUESTION
Front
This economic system has leaders telling others what to do. Some person or people control the economy.
Back
Command
3.
FLASHCARD QUESTION
Front
In this type of economic system, businesses produce what consumers want to buy
Back
Market
4.
FLASHCARD QUESTION
Front
If an economy is producing inside its production possibilities curve, what might be happening?
Back
All resources are not being fully used
5.
FLASHCARD QUESTION
Front
In a positive relationship, when x goes up, y goes up.
Back
When x goes up, y goes up.
6.
FLASHCARD QUESTION
Front
The idea that the government should stay out of the economy
Back
Laissez-Faire
7.
FLASHCARD QUESTION
Front
The expansion and contraction of the economy over time
Back
Business Cycle
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