Flashcard #1: Intro to Economic Concepts

Flashcard #1: Intro to Economic Concepts

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

Opportunity cost can be defined as __________.

Back

the most desirable alternative given up as a result of a decision.

2.

FLASHCARD QUESTION

Front

What was the opportunity cost of the former Soviet Union producing a lot of weapons and very few consumer products with little variety?

Back

allocative efficiency

3.

FLASHCARD QUESTION

Front

Producers produce those types of products that consumers value most at the lowest opportunity cost.

Back

allocative efficiency

4.

FLASHCARD QUESTION

Front

When a home builder decides to computerize all of its production schedule, it directly answers the ___ question.

Back

how

5.

FLASHCARD QUESTION

Front

Imagine you decide to purchase a soccer ball for $35. Which of the following is an opportunity cost of your decision? Options: the time spent deciding how to spend your money, something else that could have been bought, $35 in cash, the time spent making the purchase and the tax paid on the ball

Back

something else that could have been bought

6.

FLASHCARD QUESTION

Front

Which of the following would an economist classify as a capital good? Options: company employees, a car for sale at the car dealership, the car an econ teacher uses to go to work, a car used to deliver pizza

Back

a car used to deliver pizza

7.

FLASHCARD QUESTION

Front

The study of economics is important because it enables us to

Back

become better decision makers.

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