Economics Full Semester Vocab Flashcard

Front

Not enough of something to meet wants or needs.

Back

Scarcity (n)

Front

Balance between multiple choices.

Back

Trade-offs (n)

Front

A set of events in a specific order.

Back

Sequence (n)

Front

Change resulting from a cause.

Back

Effect (n)

Front

An event, action, or decision leading to an outcome.

Back

Cause (n)

Front

Representation (image, graph, etc.) for complex economic concepts.

Back

Model

Front

Economic system where production factors are privately controlled for profit.

Back

Capitalism

Front

Measurement of output vs. inputs.

Back

Productivity

Front

Value of the trade-off not chosen.

Back

Opportunity Cost

Front

Not enough of something to meet wants or needs.

Back

Scarcity