Unit 1 Study Guide

Unit 1 Study Guide

Assessment

Flashcard

•

Social Studies

•

12th Grade

•

Hard

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Wayground Content

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100 questions

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1.

FLASHCARD QUESTION

Front

___________ is the next best alternative given up as a result of a decision.

Back

Opportunity Cost

2.

FLASHCARD QUESTION

Front

___________​ is limited resources with unlimited wants.

Back

Scarcity

3.

FLASHCARD QUESTION

Front

​ ___________ are all the alternatives given up when choosing one option over another.

Back

Trade-offs

4.

FLASHCARD QUESTION

Front

___________​ is when fewer resources are used than the economy is capable of.

Back

Underutilization

5.

FLASHCARD QUESTION

Front

_____________ is a system combining market freedom and government regulation.

Back

Mixed Economy

6.

FLASHCARD QUESTION

Front

_____________ is an economic system in which decisions on the 3 key economic questions are based on voluntary exchange in markets

Back

Market Economy

7.

FLASHCARD QUESTION

Front

_____________ is an economic system in which the government makes all decisions on the 3 key economic questions

Back

Command Economy

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