Economic Principles and Systems

Economic Principles and Systems

Assessment

Flashcard

Social Studies

7th - 8th Grade

Easy

Created by

Stanley Maletz

Used 2+ times

FREE Resource

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62 questions

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1.

FLASHCARD QUESTION

Front

The inability to satisfy all wants at the same time

Back

SCARCITY

2.

FLASHCARD QUESTION

Front

People have to make choices because

Back

RESOURCES ARE LIMITED

3.

FLASHCARD QUESTION

Front

Name four types of resources

Back

NATURAL, HUMAN, CAPITAL, AND ENTREPRENEURSHIP

4.

FLASHCARD QUESTION

Front

That which is given up when a choice is made is called _____ _____

Back

OPPORTUNITY COST

5.

FLASHCARD QUESTION

Front

The amount of money exchanged for a good or service is the _____

Back

PRICE

6.

FLASHCARD QUESTION

Front

_____ are used to change economic behavior

Back

INCENTIVES

7.

FLASHCARD QUESTION

Front

What determines price?

Back

INTERACTION OF SUPPLY AND DEMAND

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