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Unit 1 Vocabulary

Authored by Wayground Content

Social Studies

12th Grade

Used 45+ times

Unit 1 Vocabulary
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

a visual representation showing the relationship between the factor market and the product market

competition

incentives

factors of production

circular flow model

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

economic system characterized by private ownership of businesses operated for profit with economic freedom for both consumers and producers

circular flow model

free enterprise system

economic system

factors of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

supplies of something of value

scarcity

resources

communism

incentives

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

condition in which there are not enough resources available to produce everything that individuals demand

competition

choice

consumers

scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Using fewer resources than the economy is capable of using.

scarcity

competition

producers

Underutilization

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

the value of goods and services that are given up in order to obtain an alternative good or service

choice

competition

opportunity cost

incentives

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

a person who purchases goods and services for personal use.

competition

incentives

consumers

producers

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