Basic Economic Concepts Test Review

Basic Economic Concepts Test Review

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Matt Duggin

FREE Resource

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50 questions

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1.

FLASHCARD QUESTION

Front

Scarcity is best defined as

Back

The fact that people have unlimited wants and limited resources

2.

FLASHCARD QUESTION

Front

Resources (factors of production) are

Back

scarce for individuals and scarce for societies.

3.

FLASHCARD QUESTION

Front

Any resources that are made by humans, such as machines, and used to create other goods and services are called

Back

capital.

4.

FLASHCARD QUESTION

Front

Economics may best be defined as a

Back

study of choices people make in light of their desire for unlimited wants but the reality of limited resources.

5.

FLASHCARD QUESTION

Front

Approximately what percentage of the world's economies experience scarcity?

Back

100

6.

FLASHCARD QUESTION

Front

Why do households and societies face many decisions?

Back

resources are scarce.

7.

FLASHCARD QUESTION

Front

Guns and butter are used to represent the classic societal tradeoff between producing

Back

military or consumer goods.

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