Econ Fall Finals Review 2024

Econ Fall Finals Review 2024

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

Opportunity cost is...

Back

the value of the next best alternative forgone when making a decision

2.

FLASHCARD QUESTION

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Media Image

Back

Capital

3.

FLASHCARD QUESTION

Front

Capital refers to...

Back

the tools, equipment, and factories used in production of goods and services

4.

FLASHCARD QUESTION

Front

Labor refers to...

Back

people with all their efforts and abilities

5.

FLASHCARD QUESTION

Front

Because of scarcity, people are forced to make _________ about how to use resources.

Back

Choices

6.

FLASHCARD QUESTION

Front

Why do all societies have to make decisions about how resources will be used?

Back

There are not enough resources for those who want them

7.

FLASHCARD QUESTION

Front

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

Back

Economics

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