
final review
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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45 questions
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1.
FLASHCARD QUESTION
Front
The ability of a nation to produce more total units of a good or service
Back
Absolute Advantage
2.
FLASHCARD QUESTION
Front
Economic system where the 3 economic questions are answered by the government
Back
Command Economy
3.
FLASHCARD QUESTION
Front
The ability of a nation to produce a good or service at a lower opportunity cost
Back
Comparative Advantage
4.
FLASHCARD QUESTION
Front
Guide the decision making process of the manufacturer/producer/provider of goods & services:
Back
Economic Questions: What, How, For Whom
5.
FLASHCARD QUESTION
Front
The resources required to create a good or service.
Back
Factors of Production: Land, Labor, Capital, Entrepreneurship
6.
FLASHCARD QUESTION
Front
Knowledge or skills of how to do something obtained through life experience, training, education, and/or other methods of learning
Back
Human Capital
7.
FLASHCARD QUESTION
Front
Economic system in which the 3 economic questions are answered by consumers and producers
Back
Market Economy
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