Econ Test #1

Econ Test #1

Assessment

Flashcard

Social Studies

12th Grade

Easy

Created by

Melani Rose Lippard

Used 1+ times

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What is the term used to describe a situation where resources are limited and cannot meet all wants and needs?

Back

Scarcity

2.

FLASHCARD QUESTION

Front

SCARCITY

Back

People's wants and needs are forever larger than the supply of everything available.

3.

FLASHCARD QUESTION

Front

What is a fundamental aspect of economics?

Back

Making decisions

4.

FLASHCARD QUESTION

Front

What is always present according to the big ideas of economics?

Back

Scarcity

5.

FLASHCARD QUESTION

Front

What are goods typically defined as?

Back

Physical products

6.

FLASHCARD QUESTION

Front

What are services typically defined as?

Back

Work provided

7.

FLASHCARD QUESTION

Front

Opportunity Cost

Back

The value of the next best alternative.

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