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ICIVICS Market Economy

ICIVICS Market Economy

Assessment

Flashcard

Social Studies

7th Grade

Practice Problem

Easy

Created by

Wayground Content

Used 1+ times

FREE Resource

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26 questions

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1.

FLASHCARD QUESTION

Front

Economy is...

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Back

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

2.

FLASHCARD QUESTION

Front

A consumer is...

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Back

a person who purchases goods and services for personal use.

3.

FLASHCARD QUESTION

Front

A producer is...

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Back

a person, company, or country that makes, grows, or supplies goods or commodities for sale.

4.

FLASHCARD QUESTION

Front

Profit is...

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Back

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

5.

FLASHCARD QUESTION

Front

An incentive is...

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Back

a thing that motivates or encourages one to do something.

6.

FLASHCARD QUESTION

Front

Opportunity Cost is...

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Back

the loss of potential gain from other alternatives when one alternative is chosen.

7.

FLASHCARD QUESTION

Front

Producers battling over who can make the most profit

Back

Competition

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