Aria quoted the Joker: "If you're good at something, never do it for ___________."
REVIEW #1: Fundamentals of Economics

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Mr. Behney
FREE Resource
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27 questions
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1.
FLASHCARD QUESTION
Front
Back
free
Answer explanation
The correct answer is 'free' because the full quote from the Joker emphasizes that if you excel at something, you should not offer it without charge. This aligns with the idea of valuing one's skills.
2.
FLASHCARD QUESTION
Front
Economic concept illustrated by trading coconuts for pineapples on a magical island with Abigail, Arjun, and Maya.
Back
Opportunity cost
Answer explanation
This scenario illustrates opportunity cost, as trading coconuts for pineapples involves giving up the value of coconuts to obtain pineapples. The production possibilities frontier shows the trade-offs between these two goods.
3.
FLASHCARD QUESTION
Front
Daniel, Anika, and Aria on a deserted island: Daniel fishes, Anika gathers fruits, Aria builds shelters. This division of labor is known as:
Back
Comparative advantage.
Answer explanation
The concept of comparative advantage suggests that individuals should specialize in tasks where they have a relative efficiency. Here, Daniel, Anika, and Aria each focus on their strengths, maximizing their survival efforts.
4.
FLASHCARD QUESTION
Front
Key concept for resource allocation in economics:
Back
Opportunity cost
Answer explanation
The key concept is opportunity cost, which refers to the value of the next best alternative foregone when allocating resources. Understanding this helps economists like Henry, Zoe, and Kai make informed decisions about production and resource use.
5.
FLASHCARD QUESTION
Front
Course that differs from the rest:
Back
Economics
Answer explanation
Economics is broader and focuses on the study of production, distribution, and consumption of goods and services, while the other courses are more specific to personal and business finance.
6.
FLASHCARD QUESTION
Front
Basic assumption of economics: wants are unlimited.
Back
A) wants are unlimited.
Answer explanation
A basic assumption of economics is that wants are unlimited, meaning people have endless desires for goods and services. This drives the need for choices and resource allocation, making option A the correct answer.
7.
FLASHCARD QUESTION
Front
Adam Smith's "invisible hand" concept suggests that economies benefit when individuals pursue their self-interests.
Back
C) Entire economies will benefit if individuals pursue their self-interests.
Answer explanation
Adam Smith's "invisible hand" concept suggests that when individuals pursue their self-interests, it can lead to positive outcomes for the entire economy, making option C the correct choice.
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