A car is an example of
Economics Semester Review

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12th Grade
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1.
FLASHCARD QUESTION
Front
Back
durable good
2.
FLASHCARD QUESTION
Front
Opportunity cost refers to
Back
the value of the next best alternative
3.
FLASHCARD QUESTION
Front
Economics is best defined as the study of how societies deal with the problem of scarcity
Back
the problem of scarcity
4.
FLASHCARD QUESTION
Front
The economic system of the United States is considered a
Back
free market capitalist economy
5.
FLASHCARD QUESTION
Front
Which is a good synonym for the work barter in the term barter economy?
Back
trade
6.
FLASHCARD QUESTION
Front
Consumers in a free enterprise economy ultimately determine _____ to produce.
Back
what
7.
FLASHCARD QUESTION
Front
Consumers are powerful because they drive decisions about what to produce
Back
they drive decisions about what to produce
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