ISS: Unit 3 Vocabulary Review
Authored by Heather Simmons
Social Studies
9th - 12th Grade
Used 22+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Part of economics that studies how individuals and businesses make choices regarding limited resources and the effects of those decisions
factor market
free enterprise
macro-economics
microeconomics
product market
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Using resources in a way that maximizes the production of goods and services
efficiency
incentive
opportunity cost
scarcity
specialization
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Ability of a country to produce a good or service for a lower opportunity cost than others
comparative advantage
monopolistic competition
monopoly
oligopoly
perfect competition
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Additional income from producing one more unit of a good
marginal benefit
marginal cost
trade barrier
trade deficit
trade surplus
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Place where companies buy inputs to produce their goods and services
factor market
free enterprise
macro-economics
microeconomics
product market
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Market dominated by one seller
comparative advantage
monopolistic competition
monopoly
oligopoly
perfect competition
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Limited quantities of resources to meet unlimited wants
efficiency
incentives
opportunity cost
scarcity
specialization
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