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Econ Fundamentals Vocab - Searcy

Authored by Jeff Searcy

Social Studies

11th - 12th Grade

Used 219+ times

Econ Fundamentals Vocab - Searcy
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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability of a nation to produce more total units of a good or service

Absolute Advantage

Comparative Advantage

Entrepreneurship

Opportunity Cost

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Distributing a scarce resource

Allocation

Allocation Strategies

Productivity

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Various methods for the distribution of scarce resources

Allocation Strategies

Allocation

Market Economy

Capital Goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods which effect productivity over time, lead to long term growth

Capital Goods

Consumer Goods

Factors of Production

Voluntary Exchange

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic system where the 3 economic questions are answered by the government

Command Economy

Market Economy

Traditional Economy

Market Failure

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability of a nation to produce a good or service at a lower opportunity cost

Absolute Advantage

Comparative Advantage

Market Economy

Productivity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Products (the end result of production and manufacturing) bought for consumption by the average consumer.

Capital Goods

Consumer Goods

Productive Goods

Factors of Production

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