Economics Flashcard

Economics Flashcard

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Easy

Created by

Wayground Content

Used 1+ times

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

Scarcity is defined as “a limited supply of resources and…

Back

Unlimited wants for available resources

2.

FLASHCARD QUESTION

Front

Why do we have to make production choices about available resources?

Back

Scarcity

3.

FLASHCARD QUESTION

Front

Economics is the study of how

Back

People use their scarce resources to satisfy their unlimited wants

4.

FLASHCARD QUESTION

Front

Opportunity cost is the value of the _______ that had to be given up if the alternative was chosen

Back

The next best alternative

5.

FLASHCARD QUESTION

Front

In Nemo's scenario of choosing between studying for his math test and watching his favorite show, what is the opportunity cost?

Back

Watching TV

6.

FLASHCARD QUESTION

Front

Because of scarcity, people are forced to make _______ about how to utilize their resources

Back

Opportunity cost

7.

FLASHCARD QUESTION

Front

Tips earned at a restaurant job are considered

Back

Income

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