Economics Basics

Economics Basics

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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32 questions

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1.

FLASHCARD QUESTION

Front

What is economics?

Back

The study of how people try to meet their needs and wants by making choices.

2.

FLASHCARD QUESTION

Front

The value of the thing given up when choosing between two things is

Back

opportunity cost

3.

FLASHCARD QUESTION

Front

What purpose do incentives serve in economics?

Back

To influence behavior

4.

FLASHCARD QUESTION

Front

What is the opportunity cost of military spending?

Back

Hospitals, schools, and roads

5.

FLASHCARD QUESTION

Front

Why do we study economics?

Back

To make informed decisions.

6.

FLASHCARD QUESTION

Front

What is scarcity in economics?

Back

Unlimited wants and limited resources

7.

FLASHCARD QUESTION

Front

Things people must have in order to survive.

Back

needs

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