

Understanding Economics: Key Concepts Flashcard
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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8 questions
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1.
FLASHCARD QUESTION
Front
What is the relationship between scarcity, trade-offs, and opportunity cost?
Back
Scarcity forces individuals to make trade-offs, which results in an opportunity cost for every decision you make.
2.
FLASHCARD QUESTION
Front
Which of the following best describes the relationship between goods, services, consumers, and producers? Options: Consumers produce goods and services for producers. Producers use goods and that consumers provide. Producers create goods and services that consumers use.
Back
Producers create goods and services that consumers use.
3.
FLASHCARD QUESTION
Front
How does a market economy differ from a command economy in terms of meeting people's wants and needs?
Back
A market economy allows people to decide how to meet their wants and needs, while a command economy lets the government decide what the people need and want.
4.
FLASHCARD QUESTION
Front
Which of the following is a characteristic of a free market economy? Prices determined by supply and demand. Fixed prices set by the government. Limited consumer choice.
Back
Prices determined by supply and demand.
5.
FLASHCARD QUESTION
Front
Which of the following is an example of a good and a service? A smartphone and a haircut.
Back
A smartphone and a haircut.
6.
FLASHCARD QUESTION
Front
Which of the following is an example of a need and a want? Water and designer clothes.
Back
Water and designer clothes.
7.
FLASHCARD QUESTION
Front
Why is it important to recognize the difference between a need and a want for your financial future?
Back
It helps you budget and financial planning by prioritizing needs over wants.
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