

Economic Questions Flashcard
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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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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