Econ Fundamentals

Econ Fundamentals

Assessment

Flashcard

Social Studies

12th Grade

Medium

EPF.E.1.1

Standards-aligned

Created by

Leanna Beam

Used 3+ times

FREE Resource

Student preview

quiz-placeholder

50 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Economics is the study of ______________

Back

Choices

2.

FLASHCARD QUESTION

Front

Scarcity is best defined as:

Back

The fundamental economic problem of limited resources and unlimited wants.

3.

FLASHCARD QUESTION

Front

Explain how natural disasters can affect scarcity.

Back

Natural disasters can destroy or damage resources, leading to scarcity.

4.

FLASHCARD QUESTION

Front

The economic resources needed to produce goods and services are

Back

Factors of Production

5.

FLASHCARD QUESTION

Front

The human time and effort that go into the making of products

Back

Labor

6.

FLASHCARD QUESTION

Front

Resources made and used by people to produce and distribute goods and services

Back

Physical Capital

7.

FLASHCARD QUESTION

Front

Opportunity cost

Back

The value of the next best alternative given up when a choice is made.

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?