24-25 Economics Unit 1 Final Exam Review

24-25 Economics Unit 1 Final Exam Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

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24 questions

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1.

FLASHCARD QUESTION

Front

_________ is the study of the production, distribution, and consumption of goods and services.

Back

Economics

2.

FLASHCARD QUESTION

Front

The main problem that economics wants to address is ________________, but __________________.

Back

limited resources, unlimited wants

3.

FLASHCARD QUESTION

Front

Land, labor, capital, and entrepreneurship are the

Back

factors of production

4.

FLASHCARD QUESTION

Front

____________ is an example of a land factor of production.

Back

water

5.

FLASHCARD QUESTION

Front

____________ is an example of a labor factor of production.

Back

human input

6.

FLASHCARD QUESTION

Front

____________ is an example of a capital factor of production.

Back

factory

7.

FLASHCARD QUESTION

Front

Gracie opens a new clothing store in downtown Decatur. This is an example of _______________.

Back

entrepreneurship

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