Economics is the study of

Personal Finance and Economics Review

Flashcard
•
Social Studies
•
9th Grade
•
Hard
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60 questions
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1.
FLASHCARD QUESTION
Front
Back
how society decides what, how, and for whom to produce
2.
FLASHCARD QUESTION
Front
How are economic questions answered in a command economy?
Back
by the government
3.
FLASHCARD QUESTION
Front
Money serves as a standard of value because
Back
we compare prices
4.
FLASHCARD QUESTION
Front
Which basic economic problem does the U.S. share with all other nations?
Back
Scarcity of resources
5.
FLASHCARD QUESTION
Front
Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions?
Back
Corporation
6.
FLASHCARD QUESTION
Front
Which of the following is an example of entrepreneurship? A person who invests in computer stocks, A person who starts a new online business, A person who takes a job with a high-tech firm, A person who buys land and builds herself a new house
Back
A person who starts a new online business
7.
FLASHCARD QUESTION
Front
Which of the following is true about a rational economic decision? Marginal costs exceed marginal benefits, Marginal benefits exceed marginal costs, Opportunity costs are less than marginal benefits, Opportunity costs are balanced by total benefits
Back
Marginal benefits exceed marginal costs
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