Economic Concepts Flashcards
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Christopher Mendizabal
Used 1+ times
FREE Resource
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7 questions
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1.
FLASHCARD QUESTION
Front
scarcity
Back
People's wants are unlimited
2.
FLASHCARD QUESTION
Front
Factors of production
Back
land, labor, and capital
3.
FLASHCARD QUESTION
Front
Entrepreneur
Back
Innovator, strategist, risk taker
4.
FLASHCARD QUESTION
Front
Reason for tradeoffs
Back
People want different things
5.
FLASHCARD QUESTION
Front
Opportunity cost of returning a library book
Back
Reading a different book
6.
FLASHCARD QUESTION
Front
Maximize utility
Back
Gain the most satisfaction
7.
FLASHCARD QUESTION
Front
Law of diminishing marginal utility
Back
Less excitement from new toys with many already owned
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