Economics Test Study Guide

Economics Test Study Guide

Assessment

Flashcard

Social Studies

11th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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27 questions

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1.

FLASHCARD QUESTION

Front

Which of the following terms refers to the amount of product producers are willing and able to offer at different prices? Demand, Wants, Supply, Needs

Back

Supply

2.

FLASHCARD QUESTION

Front

Which term refers to the study of people’s choices and how they allocate limited resources to satisfy unlimited wants and needs?

Back

Economics

3.

FLASHCARD QUESTION

Front

Which term refers to the state in which people do not and cannot have enough income, time or other resources to satisfy every desire?

Back

Scarcity

4.

FLASHCARD QUESTION

Front

Which of the following terms refers to everything people desire beyond basic goods and services that meet their needs? Demand, Wants, Supply, Needs

Back

Wants

5.

FLASHCARD QUESTION

Front

Which of the following descriptions best represents the basic problem in economics? There are unlimited resources and unlimited wants. There are limited resources and unlimited wants. There are limited resources and limited wants.

Back

There are limited resources and unlimited wants.

6.

FLASHCARD QUESTION

Front

Which term best describes the process of changing resources into goods that satisfy the needs and wants of individuals and businesses?

Back

Production

7.

FLASHCARD QUESTION

Front

Which of the following products would be a good example of complementary goods? DVD Player and BlueRay Player, Chevy Silverado and Ford F-150, Hamburgers and Buns, Pencils and Pens

Back

Hamburgers and Buns

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