Economics Final Review
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
Wayground Content
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25 questions
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1.
FLASHCARD QUESTION
Front
Economics is defined as
Back
The study of how people use scarce resources to satisfy their wants and needs
2.
FLASHCARD QUESTION
Front
The difference between a need and a want is that a need is
Back
A basic necessity such as food, shelter and clothing
3.
FLASHCARD QUESTION
Front
The fundamental difference between a durable good and a nondurable good is
Back
The length of time that it lasts when it is used on a regular basis
4.
FLASHCARD QUESTION
Front
Which of the following makes someone an entrepreneur? Earning a lot of money as an engineer at Proctor and Gamble, Becoming a highly paid performer and working on movies, A door greeter at Wal-Mart, Running a service that hires people, orders equipment and installs sprinkler systems in buildings
Back
Running a service that hires people, orders equipment and installs sprinkler systems in buildings
5.
FLASHCARD QUESTION
Front
The production possibilities frontier, or curve represents
Back
The best an economy can produce with its current factors of production
6.
FLASHCARD QUESTION
Front
Which of the following statements is true about a market economy? Market participants act seeking to satisfy their self interests, Taxes in the marketplace help communicate the costs and benefits of an item, Central planning becomes easier as better technology is adopted in the marketplace, The market system tends to distribute resources evenly across all consumers
Back
Market participants act seeking to satisfy their self interests
7.
FLASHCARD QUESTION
Front
You were observing country X and you noticed that the government, through taxation, was attempting to take care of the essential needs of its citizens while the market system was taking care of the wants. You, as an astute economics student, operating with limited information, would classify this country as having a
Back
Mixed economy
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