Economics (EOC pack pg 1)

Economics (EOC pack pg 1)

Assessment

Flashcard

Social Studies

11th Grade

Practice Problem

Hard

Created by

William Willis

FREE Resource

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7 questions

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1.

FLASHCARD QUESTION

Front

Capitalism

Back

An economic system where private individuals own and control property and businesses.

2.

FLASHCARD QUESTION

Front

Laissez Faire

Back

An economic philosophy of free-market capitalism that opposes government intervention.

3.

FLASHCARD QUESTION

Front

Socialism

Back

An economic system where the means of production are owned and controlled by the state or public.

4.

FLASHCARD QUESTION

Front

Mixed Economies

Back

Economic systems that combine elements of capitalism and socialism, featuring both private and state involvement.

5.

FLASHCARD QUESTION

Front

Monetary Policy

Back

The process by which a central bank manages a country's money supply and interest rates to achieve economic objectives.

6.

FLASHCARD QUESTION

Front

Fiscal Policy

Back

Government policies regarding taxation and spending to influence the economy.

7.

FLASHCARD QUESTION

Front

Opportunity Cost

Back

The loss of potential gain from other alternatives when one alternative is chosen.

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