Economics Final Review 1
Flashcard
•
Social Studies
•
10th - 12th Grade
•
Practice Problem
•
Hard
+11
Standards-aligned
Wayground Content
FREE Resource
Student preview
56 questions
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1.
FLASHCARD QUESTION
Front
What are the factors of production?
Back
Land, labor, capital, entrepreneurship
Tags
DOK 1
Factors of Production
2.
FLASHCARD QUESTION
Front
In the production of loaves of bread, which best represents the factor 'land'? Options: The flour used in the dough, The retailer who sells the bread, The oven used to bake the bread, The entrepreneur who started the company
Back
The flour used in the dough
Tags
DOK 1
Factors of Production
3.
FLASHCARD QUESTION
Front
What is the person who takes the initiative to create or start a company, often risking their own money, called?
Back
Entrepreneur
Tags
DOK 1
Factors of Production
4.
FLASHCARD QUESTION
Front
Due to scarcity you must make decisions, when you make a decision what is your next best alternative called?
Back
Opportunity costs
Tags
DOK 1
Opportunity Cost & Tradeoffs
5.
FLASHCARD QUESTION
Front
People’s education, skills/abilities, health, and motivation are all part of _________ capital.
Back
Human
Tags
DOK 1
Factors of Production
6.
FLASHCARD QUESTION
Front
Due to scarcity you must make decisions, when you make a decision what are ALL of the possible alternative decisions you could have made called?
Back
Trade-offs
Tags
DOK 1
Opportunity Cost & Tradeoffs
7.
FLASHCARD QUESTION
Front
According to marginal analysis when should you make a decision?
Back
when the benefits outweigh the costs
Tags
DOK 1
Marginal Analysis
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