Economics MI K-12 SS Econ 1.1 Vocab Flashcard

Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
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12 questions
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1.
FLASHCARD QUESTION
Front
Resources to meet human wants are limited.
Back
scarcity
2.
FLASHCARD QUESTION
Front
A place where producers and consumers meet to exchange goods and services.
Back
market
3.
FLASHCARD QUESTION
Front
Distribute something for a purpose
Back
allocate
4.
FLASHCARD QUESTION
Front
Value of the option NOT chosen when deciding between two.
Back
opportunity cost
5.
FLASHCARD QUESTION
Front
Motivates action.
Back
Incentive
6.
FLASHCARD QUESTION
Front
One or more people living together, combining resources for shared economic decisions.
Back
household
7.
FLASHCARD QUESTION
Front
An organization that produces and sells goods or services to earn profits.
Back
business
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