Social Studies Flashcards
7 cards from real MAP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Social Studies flashcards as text
Maria picks soccer camp over art class. The art class she gave up is her what?
Answer: Opportunity cost
Opportunity cost is the value of the next best choice you give up.
If demand for a product goes up and supply stays the same, what usually happens to the price?
Answer: It goes up
Higher demand with the same supply usually pushes prices up.
Missouri is the only state that has two Federal Reserve Banks. Which cities are they in?
Answer: St. Louis and Kansas City
Federal Reserve Banks are located in both St. Louis and Kansas City, Missouri.
What is the basic economic problem that comes from unlimited wants and limited resources?
Answer: Scarcity
Scarcity means there aren't enough resources to satisfy everyone's wants.
A steady rise in the general level of prices over time is called what?
Answer: Inflation
Inflation means prices rise over time, so each dollar buys less.
A tax on imported goods is called a what?
Answer: Tariff
A tariff is a tax on imports that makes foreign goods cost more.
In a market economy, who mainly decides what goods are produced?
Answer: Consumers and producers
In a market economy, buyers and sellers making their own choices decide what gets produced.