Economics Final Review

Economics Final Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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32 questions

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1.

FLASHCARD QUESTION

Front

Which term refers to the social science that studies human choices about how to fulfill unlimited wants and needs given limited resources?

Back

Economics

2.

FLASHCARD QUESTION

Front

Which term refers to the condition of infinite wants and needs and finite resources available to fulfill those infinite wants and needs?

Back

Scarcity

3.

FLASHCARD QUESTION

Front

Which term refers to the benefit lost of the next best alternative?

Back

Opportunity cost

4.

FLASHCARD QUESTION

Front

If the economy goes from a state represented by Point A to Point B, what is the opportunity cost of this choice?

Back

5 capital goods

5.

FLASHCARD QUESTION

Front

If the economy goes from a state represented by Point B to Point C, what is the opportunity cost of this choice?

Back

10 capital goods

6.

FLASHCARD QUESTION

Front

Which economic system is characterized by the voluntary exchange between buyers and sellers and the accumulation of private property by individuals?

Back

Market economy

7.

FLASHCARD QUESTION

Front

In the production of an automobile, the factory building, industrial robots, and tools are examples of which factor of production?

Back

Capital Goods

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