Economic Systems

Economic Systems

Assessment

Flashcard

Social Studies

11th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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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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