Scarcity and Factors of Production Flashcard

Scarcity and Factors of Production Flashcard

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

The study of how people choose to use scarce resources to satisfy their wants.

Back

Economics

2.

FLASHCARD QUESTION

Front

Desires that can be satisfied by consuming a good or service.

Back

wants

3.

FLASHCARD QUESTION

Front

Things, such as food, clothing or shelter, that are necessary for survival.

Back

needs

4.

FLASHCARD QUESTION

Front

Economics can be described as the study of

Back

Choices

5.

FLASHCARD QUESTION

Front

The condition of scarcity can be described as one that exists when our unlimited needs/wants exceed our limited resources.

Back

exists when our unlimited needs/wants exceed our limited resources

6.

FLASHCARD QUESTION

Front

FOP refers to

Back

Factors of Production

7.

FLASHCARD QUESTION

Front

The 4 Factors of Production (FOP) are

Back

land, labor, capital, entrepreneurship

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