Unit 1 Review

Unit 1 Review

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

DOK 1, Opportunity Cost & Tradeoffs

Standards-aligned

Created by

Michael Kouznetsov

FREE Resource

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26 questions

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1.

FLASHCARD QUESTION

Front

What fundamental issue does the field of economics aim to solve?

Back

Scarcity of resources in relation to unlimited wants and needs.

2.

FLASHCARD QUESTION

Front

Opportunity cost

Back

the value of the next best alternative that is forgone when a decision is made.

3.

FLASHCARD QUESTION

Front

Which of the following is not typically considered a factor of production by economists? Options: Retail stores, Natural resources, Labor, Capital equipment

Back

Retail stores

4.

FLASHCARD QUESTION

Front

Which point represents the least efficient utilization of resources? Options: A, B, C, D, E

Media Image

Back

D

5.

FLASHCARD QUESTION

Front

What does point E on this model represent?

Media Image

Back

An unattainable use of resources.

6.

FLASHCARD QUESTION

Front

Characteristic of a capitalist economic system?

Back

Private ownership of property and businesses.

7.

FLASHCARD QUESTION

Front

Which of the following is not typically associated with a socialist economic system?

Back

private ownership of major industries.

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