
Economics Unit 1 Test Review
Flashcard
•
History
•
7th - 8th Grade
•
Practice Problem
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
Factors of production (land, labor, capital, entrepreneur) are examples of _________.
Back
resources
2.
FLASHCARD QUESTION
Front
What are individuals and groups that buy and use goods and services called?
Back
consumers
3.
FLASHCARD QUESTION
Front
What is the BEST definition of an entrepreneur?
Back
person who takes a risk to produce and sell goods and services in search of profit
4.
FLASHCARD QUESTION
Front
What is the opportunity cost of going to the movies?
Back
Value of the computer game.
5.
FLASHCARD QUESTION
Front
What type of economy was the Soviet Union? The government of the Soviet Union provided food for its citizens. However, the food was often in short supply, had little variety, and was of poor quality.
Back
Command
6.
FLASHCARD QUESTION
Front
Most countries today have which type of economic system? Options: Mixed, Market, Traditional, Command
Back
Mixed
7.
FLASHCARD QUESTION
Front
The amount of money you make after all expenses have been paid is called what?
Back
Profit
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