Search Header Logo
Economics Review

Economics Review

Assessment

Flashcard

Social Studies

8th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

9 questions

Show all answers

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...

Media Image

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...

Media Image

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?

Media Image

Back

Price

7.

FLASHCARD QUESTION

Front

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

Media Image

Back

Incentives

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?