Econ Fundamentals

Econ Fundamentals

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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24 questions

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1.

FLASHCARD QUESTION

Front

A product or service is scarce when

Back

The amount available is not enough to meet the demands of society

2.

FLASHCARD QUESTION

Front

What is the basic economic problem that all societies face?

Back

Scarcity

3.

FLASHCARD QUESTION

Front

The amount of one product that must be given up to produce one more unit of another product.

Back

Opportunity Cost

4.

FLASHCARD QUESTION

Front

Which of the following is NOT considered a factor of production? Capital, Labor, Land, Money

Back

Money

5.

FLASHCARD QUESTION

Front

Which economic system relies on central planning by the government?

Back

Command Economy

6.

FLASHCARD QUESTION

Front

What is an economic system?

Back

A way that a country or government distributes resources and trades goods and services.

7.

FLASHCARD QUESTION

Front

The production possibilities curve is an illustration of what?

Back

Opportunity costs and trade-offs

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