Economics Concepts

Economics Concepts

Assessment

Flashcard

Social Studies

10th Grade

Practice Problem

Medium

Created by

Elizabeth Reimer

Used 1+ times

FREE Resource

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24 questions

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1.

FLASHCARD QUESTION

Front

Circular Flow Diagram

Back

A diagram that views the economy as consisting of households and firms interacting in a goods and services market and a labor market.

2.

FLASHCARD QUESTION

Front

Command Economy

Back

An economy where economic decisions are passed down from government authority and where the government owns the resources.

3.

FLASHCARD QUESTION

Front

Division of Labor

Back

The way in which different workers divide required tasks to produce a good or service.

4.

FLASHCARD QUESTION

Front

Economics

Back

The study of how humans make choices under conditions of scarcity.

5.

FLASHCARD QUESTION

Front

Economies of Scale

Back

When the average cost of producing each individual unit declines as total output increases.

6.

FLASHCARD QUESTION

Front

Exports

Back

Products (goods and services) made domestically and sold abroad.

7.

FLASHCARD QUESTION

Front

Fiscal Policy

Back

Economic policies that involve government spending and taxes.

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