Economic Concepts Flashcards

Economic Concepts Flashcards

Assessment

Flashcard

Social Studies

10th Grade

Practice Problem

Hard

Created by

Agatha Lipski

FREE Resource

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9 questions

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1.

FLASHCARD QUESTION

Front

A curve that shows the possible combinations of goods that an economy can produce given its resources is the:

Back

Production Possibilities Curve

2.

FLASHCARD QUESTION

Front

The tools, equipment, and skills used to produce goods and services are examples of:

Back

Capital

3.

FLASHCARD QUESTION

Front

Macroeconomics is the study of the economy as a whole.

Back

Study of the economy as a whole

4.

FLASHCARD QUESTION

Front

Risk-takers that combine land, labor, and capital to produce goods are called:

Back

Entrepreneurs

5.

FLASHCARD QUESTION

Front

The principle that choices involve costs because resources are limited is best illustrated by:

Back

Trade-offs

6.

FLASHCARD QUESTION

Front

The goal of economic models is to:

Back

Represent reality in simplified form

7.

FLASHCARD QUESTION

Front

A common problem with economic models that can affect their accuracy is:

Back

Economists’ bias

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