Economics Review

Economics Review

Assessment

Flashcard

Social Studies

8th Grade

Hard

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9 questions

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1.

FLASHCARD QUESTION

Front

When an economic choice is made, it also means another choice is NOT made. For instance, if you choose to eat out at Chik-fil-A you are choosing NOT to eat out at Raising Cane's, or Zaxby's. In economics, this is called...

Back

Opportunity Cost

2.

FLASHCARD QUESTION

Front

The inability to satisfy all wants and needs at the same time, because resources are limited, is known as...

Back

Scarcity

3.

FLASHCARD QUESTION

Front

The combining of resources needed to make goods or provide services is known as...

Back

Production

4.

FLASHCARD QUESTION

Front

Which resource is being described below:
Also known as labor, this resource is the individuals needed to create goods or carry out services.

Back

Human

5.

FLASHCARD QUESTION

Front

Which resource is being described below:
The materials that are found throughout planet Earth, whether on the surface or beneath it. These materials are valuable because they are needed to produce goods.

Back

Natural

6.

FLASHCARD QUESTION

Front

In economics, supply and demand is used to determine what?

Back

Price

7.

FLASHCARD QUESTION

Front

This image is an example of what? Options: Supply and Demand, Price, Incentives, Opportunity Cost

Back

Incentives

8.

FLASHCARD QUESTION

Front

In economics, most people are considered what? Hint: we purchase and use goods and services!

Back

Consumers

9.

FLASHCARD QUESTION

Front

Which resource is being described below:
Money, along with investments such as cryptocurrency, stocks, and interest earned on a home.

Back

Capital