Economics Final Review

Economics Final Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

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42 questions

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1.

FLASHCARD QUESTION

Front

the situation of having unlimited wants but limited resources

Back

Scarcity

2.

FLASHCARD QUESTION

Front

Opportunity Cost

Back

the most desirable alternative given up when a choice is made

3.

FLASHCARD QUESTION

Front

Implicit Costs

Back

the amount that could have been earned if a different path had been chosen.

4.

FLASHCARD QUESTION

Front

Explicit Costs

Back

the traditional out of pocket costs associated with making a decision

5.

FLASHCARD QUESTION

Front

Positive Incentive

Back

a reward

6.

FLASHCARD QUESTION

Front

Negative Incentive

Back

a punishment

7.

FLASHCARD QUESTION

Front

Free Market Economy

Back

The laws of supply and demand allocate resources, goods, and services with little government interference

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