Chapter Three: Economic Concepts

Chapter Three: Economic Concepts

Assessment

Flashcard

History

8th Grade

Practice Problem

Hard

Created by

Wayground Content

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25 questions

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1.

FLASHCARD QUESTION

Front

ECONOMICS: the set of _______ by which a society decides and organizes the ownership, allocation, and use of resources.

Back

principles

2.

FLASHCARD QUESTION

Front

Why is learning about economics a crucial step in understanding history?

Back

Because it has a major influence on the decisions made by people, businesses, and countries.

3.

FLASHCARD QUESTION

Front

Economics is the study of _______ and choices. Fill in the blank.

Back

people

4.

FLASHCARD QUESTION

Front

Who are economists?

Back

Experts in economics who also study what happened with a country’s economy in the past.

5.

FLASHCARD QUESTION

Front

Adam Smith is known as the “_______ of Economics.”

Back

Father

6.

FLASHCARD QUESTION

Front

According to Adam Smith, when people engage in trade, it has a net _______ on the market which impacts everyone.

Back

positive

7.

FLASHCARD QUESTION

Front

What does it mean to SPECIALIZE in economics?

Back

To become an expert in a particular subject, skill, or trade and produce a limited variety of goods and services

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