Understanding Economic Foundations and Concepts

Flashcard
•
Business
•
12th Grade
•
Hard
Wayground Content
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is the primary focus of microeconomics?
Back
The study of individual economic units like consumers and firms
2.
FLASHCARD QUESTION
Front
Which of the following best describes opportunity cost?
Options:
The total cost of producing goods,
The value of the next best alternative forgone,
The cost of all resources used in production,
The profit earned from a business
Back
The value of the next best alternative forgone
3.
FLASHCARD QUESTION
Front
Which of the following is an example of a normative economic statement? Options: "The unemployment rate is 5%." "The government should lower taxes to boost the economy." "The inflation rate is 2%." "The GDP grew by 3% last year."
Back
The government should lower taxes to boost the economy.
4.
FLASHCARD QUESTION
Front
What does the Production Possibilities Frontier (PPF) illustrate?
Back
The maximum output combinations of two goods
5.
FLASHCARD QUESTION
Front
Which of the following is considered a key resource in economics? Technology, Labor, Government policies, Consumer preferences
Back
Labor
6.
FLASHCARD QUESTION
Front
What is the main difference between absolute scarcity and relative scarcity?
Back
Absolute scarcity refers to limited supply in nature, while relative scarcity is limited in relation to demand.
7.
FLASHCARD QUESTION
Front
Which of the following best describes marginal analysis? Options: The study of total costs and benefits, The examination of additional benefits and costs, The analysis of fixed costs in production, The evaluation of sunk costs
Back
The examination of additional benefits and costs
Create a free account and access millions of resources
Similar Resources on Wayground
9 questions
9.3, 9.5: Used Car, Cost/Mile Practice

Flashcard
•
12th Grade
9 questions
Economics Unit Flashcard

Flashcard
•
11th - 12th Grade
9 questions
Economics Unit Flashcard

Flashcard
•
11th - 12th Grade
16 questions
Economics: Choices & Scarcity

Flashcard
•
12th Grade
15 questions
8.3B Front and Back End Ratios Worksheet

Flashcard
•
12th Grade
18 questions
EPF - U1 - VOD

Flashcard
•
12th Grade
15 questions
Economics Practice for FinalA+B+C

Flashcard
•
12th Grade
10 questions
Scarcity and Decision-Making in Economics and Education

Flashcard
•
12th Grade
Popular Resources on Wayground
10 questions
Video Games

Quiz
•
6th - 12th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
25 questions
Multiplication Facts

Quiz
•
5th Grade
10 questions
UPDATED FOREST Kindness 9-22

Lesson
•
9th - 12th Grade
22 questions
Adding Integers

Quiz
•
6th Grade
15 questions
Subtracting Integers

Quiz
•
7th Grade
20 questions
US Constitution Quiz

Quiz
•
11th Grade
10 questions
Exploring Digital Citizenship Essentials

Interactive video
•
6th - 10th Grade