Economics Flashcard

Economics Flashcard

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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25 questions

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1.

FLASHCARD QUESTION

Front

A car is an example of a

Back

durable good.

2.

FLASHCARD QUESTION

Front

Opportunity cost refers to

Back

the value of the next best alternative.

3.

FLASHCARD QUESTION

Front

Economics is best defined as the study of how societies deal with the problem of scarcity.

Back

the problem of scarcity.

4.

FLASHCARD QUESTION

Front

The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and

Back

free market.

5.

FLASHCARD QUESTION

Front

The economic system of the United States is considered a

Back

free market capitalist economy.

6.

FLASHCARD QUESTION

Front

Which is a good synonym for the word barter in the term barter economy?

Back

trade

7.

FLASHCARD QUESTION

Front

How many distinct factors of production do economists recognize?

Back

four

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