Economic Systems
Flashcard
•
Social Studies
•
11th - 12th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
The study of how people satisfy their needs and wants is called?
Back
Economics
2.
FLASHCARD QUESTION
Front
Human capital is considered what?
Back
The accumulated skill and knowledge of workers.
3.
FLASHCARD QUESTION
Front
What is the difference between scarcity and shortage?
Back
A shortage can be temporary or long-term, but scarcity always exists.
4.
FLASHCARD QUESTION
Front
What is the difference between opportunity cost and trade-off?
Back
Trade-off is all the alternatives that you give up, opportunity cost is the next best option that you give up
5.
FLASHCARD QUESTION
Front
What is the purpose of a production possibilities curve?
Back
Show alternative ways to use an economy's resources
6.
FLASHCARD QUESTION
Front
What does the law of increasing cost relate to in terms of production and price?
Back
the cost of producing the second one becomes more expensive
7.
FLASHCARD QUESTION
Front
What is the opportunity cost of Oranges moving from point B to point C?
Back
10
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