Economics Final
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
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32 questions
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1.
FLASHCARD QUESTION
Front
Because we face scarcity, we must make _____________.
Back
choices
2.
FLASHCARD QUESTION
Front
The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services are _____________.
Back
capital
3.
FLASHCARD QUESTION
Front
The human resource that organizes land, labor, and capital is _________________.
Back
entrepreneurship
4.
FLASHCARD QUESTION
Front
The___________ __________ of something is the highest-valued alternative that must be given up to get it.
Back
opportunity cost
5.
FLASHCARD QUESTION
Front
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. What type of economy does this represent?
Back
Traditional
6.
FLASHCARD QUESTION
Front
Katia is an accountant in a government run business where she was placed after graduation. What type of economy does this represent? Options: Command, Traditional, Free Market, Mixed
Back
Command
7.
FLASHCARD QUESTION
Front
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
What goods and services will be produced?
Who is responsible for producing goods and services?
How will goods and services be distributed to customers?
Back
What is the price of the goods?
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