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Introduction to Economics

Introduction to Economics

Assessment

Flashcard

Financial Education

12th Grade

Practice Problem

Easy

Created by

Herbert Hinds

Used 1+ times

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Back

Scarcity

2.

FLASHCARD QUESTION

Front

The highest-valued alternative that must be given up to engage in an activity.

Back

Opportunity Cost

3.

FLASHCARD QUESTION

Front

The study of the economy as a whole...

Back

Macroeconomics

4.

FLASHCARD QUESTION

Front

The study of behavior of individual households, firms, and governments...

Back

Microeconomics

5.

FLASHCARD QUESTION

Front

Which type of economic system has the highest level of government control? Options: traditional economy, market economy, command economy, mixed economy

Back

command economy

6.

FLASHCARD QUESTION

Front

Economy in which people make economic decisions based on their group's customs and values. Not common today.

Back

Traditional Economy

7.

FLASHCARD QUESTION

Front

Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit.

Back

Market Economy

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