Economics Flashcard

Economics Flashcard

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Medium

Created by

Clayton Gilmer

Used 2+ times

FREE Resource

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17 questions

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1.

FLASHCARD QUESTION

Front

Which statement best describes a defining characteristic of traditional economies?

Back

Production is based on cultural customs.

2.

FLASHCARD QUESTION

Front

Which effect is most associated with a shortage of labor?

Back

Fewer goods are produced.

3.

FLASHCARD QUESTION

Front

Which economic issue is most associated with a shortage of capital?

Back

not enough money to build new factories

4.

FLASHCARD QUESTION

Front

Which term describes a factor of production? Options: inflation, labor, scarcity, tariff

Back

labor

5.

FLASHCARD QUESTION

Front

How does a free enterprise system address the basic economic problem of scarcity and choice?

Back

Price mechanisms are based on the laws of supply and demand.

6.

FLASHCARD QUESTION

Front

Which feature of the Soviet economy limited the ability of individuals to make economic choices?

Back

central planning

7.

FLASHCARD QUESTION

Front

When the resource allocation decisions are made by the government but property is typically owned by individuals, this type of economy is most likely

Back

market socialism.

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