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R: Scarcity & Opportunity Cost

R: Scarcity & Opportunity Cost

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

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30 questions

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1.

FLASHCARD QUESTION

Front

These are the things we desire to have.

Back

Wants

2.

FLASHCARD QUESTION

Front

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

Back

Honda

3.

FLASHCARD QUESTION

Front

Limited Resources + Unlimited Wants =

Back

Scarcity

4.

FLASHCARD QUESTION

Front

Scarcity is only a problem for poor people.

Back

False

5.

FLASHCARD QUESTION

Front

Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. What is the opportunity cost of her decision?

Back

college

6.

FLASHCARD QUESTION

Front

A garbage truck driver is an example of which Factor of Production?

Back

labor

7.

FLASHCARD QUESTION

Front

Iron, minerals, coal and plants are examples of which productive resource?

Back

land

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