Economic Questions Flashcard

Economic Questions Flashcard

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

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33 questions

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1.

FLASHCARD QUESTION

Front

Which of the following is not one of the three fundamental economic questions?
What to produce,
How to produce,
For whom to produce

Back

When to produce

2.

FLASHCARD QUESTION

Front

An entrepreneur is someone who:

Back

Takes risks to start and manage a business.

3.

FLASHCARD QUESTION

Front

Scarcity requires people to:

Back

Make choices.

4.

FLASHCARD QUESTION

Front

Opportunity cost is best defined as:

Back

The value of the next best alternative foregone.

5.

FLASHCARD QUESTION

Front

What is the purpose of a production possibilities curve?

Back

To show maximum possible production combinations.

6.

FLASHCARD QUESTION

Front

In a market economy, prices are determined by:

Back

Supply and demand.

7.

FLASHCARD QUESTION

Front

The law of demand states that: When demand increases, price decreases. When price decreases, quantity demanded increases. Demand has no relationship with price. Supply decreases when demand increases.

Back

When price decreases, quantity demanded increases.

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