Econ Vocab Flashcard #1 Review

Econ Vocab Flashcard #1 Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

Study of how individuals/societies use scarce resources for unlimited wants/needs

Back

Economics

2.

FLASHCARD QUESTION

Front

Fundamental economic issue of unlimited wants vs. limited resources

Back

Problem of scarcity

3.

FLASHCARD QUESTION

Front

Options available before making a choice of one.

Back

Alternatives

4.

FLASHCARD QUESTION

Front

Sacrifice required by a decision or action

Back

Cost

5.

FLASHCARD QUESTION

Front

Value of the best alternative given up when making a decision

Back

Opportunity cost

6.

FLASHCARD QUESTION

Front

Economic saying: All decisions cost someone something.

Back

"There is no such thing as free lunch"

7.

FLASHCARD QUESTION

Front

Any unprocessed material from nature used to produce goods or services; aka, 'land.'

Back

Natural resource

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