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Economics Study Guide

Authored by Chris Theilacker

Social Studies

12th Grade

Used 3+ times

Economics Study Guide
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30 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 3 pts

The fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants.

Scarcity
Need
Utility
Value

2.

MULTIPLE CHOICE QUESTION

3 mins • 4 pts

The productive resources that make up the four categories of land, capital, labor, and entrepreneurship

Profit
Capital Good
Factors of Production
Product Market

3.

MULTIPLE CHOICE QUESTION

3 mins • 3 pts

A risk-taking individual in search of profits; one of the four factors of production

Land
Capital
Labor
Entrepreneur

4.

MULTIPLE CHOICE QUESTION

3 mins • 3 pts

Alternatives that must be given up when one is chosen rather than another

Capital Goods
Wealth
Trade-offs
Factor Markets

5.

MULTIPLE CHOICE QUESTION

3 mins • 3 pts

The cost of the next best alternative use of money, time, or resources when one choice is made rather than another

Diminishing marginal utility
Gross Domestic Produst
Free Trade
Opportunity Cost

6.

MULTIPLE CHOICE QUESTION

3 mins • 4 pts

An economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good

Communism
Capitalism
Socialism
Moneyball

7.

MULTIPLE CHOICE QUESTION

3 mins • 4 pts

An economic system in which private citizens own and use the factors of production in order to generate profits

Communism
Capitalism
Socialism
Moneyball

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