Economic Systems

Economic Systems

Assessment

Flashcard

Social Studies

9th - 11th Grade

Hard

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

20 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Scarcity is the idea that.

Back

all resources are limited.

2.

FLASHCARD QUESTION

Front

Which of the following are aspects of Adam Smith's invisible hand? Options: competition and self-interest, profit motive and economic freedom, competition and contracts, economic equity and security

Back

competition and self-interest

3.

FLASHCARD QUESTION

Front

If my government is selling bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

4.

FLASHCARD QUESTION

Front

There are four types of economic systems. Most economies are _____.

Back

Mixed

5.

FLASHCARD QUESTION

Front

In this type of economy, a circular flow diagram would have only households and firms.

Back

Market

6.

FLASHCARD QUESTION

Front

What is the opportunity cost as output switches from letter A to letter D?

Back

20 Clothing

7.

FLASHCARD QUESTION

Front

Why would letter X happen? Options: A loss of resources that is used to make food and clothing., Not using some resources that can be used for both clothing and food., Using resources to produce more clothing rather than food, Gaining additional resources.

Back

Not using some resources that can be used for both clothing and food.

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?