
Final - Economics

Flashcard
•
Social Studies
•
10th Grade
•
Hard
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76 questions
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1.
FLASHCARD QUESTION
Front
How would the magnesium ore, from which ground magnesium is made, be classified as a factor of production? Options: Capital, Land, Entrepreneurship, It is not a factor of production, it is a product.
Back
Land
2.
FLASHCARD QUESTION
Front
Paul is experiencing a situation where only a limited amount of dealers and collectors have the classic sports car he wants. What is this situation called?
Back
scarcity
3.
FLASHCARD QUESTION
Front
Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur
Back
Capital
4.
FLASHCARD QUESTION
Front
Which of the following is NOT one of the 3 Economic questions?
What to produce, Whom to produce for, How to produce, When to produce
Back
When to produce
5.
FLASHCARD QUESTION
Front
In a ______________ economy the "3 economic questions" are answered by a central authority.
Back
Command
6.
FLASHCARD QUESTION
Front
Which of the following BEST explains why entrepreneurs take the risk of starting a business?
Options:
to make profits,
to have the freedom to make their own choices,
to make their own hours,
because the government backs them financially
Back
to make profits
7.
FLASHCARD QUESTION
Front
Competition and free enterprise are most common in which type of economic system?
Back
market
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