
Econ Mod 10 & 11 Vocab 1
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
Circular flow diagram?
Back
A visual representation of the interaction between households and firms in an economy.
2.
FLASHCARD QUESTION
Front
In a command economy, who makes economic decisions?
Back
Government authorities
3.
FLASHCARD QUESTION
Front
Division of labor in economics:
Back
Allocation of tasks among workers to produce goods or services.
4.
FLASHCARD QUESTION
Front
Central focus of economics?
Back
Studying how humans make choices in conditions of scarcity.
5.
FLASHCARD QUESTION
Front
Economies of scale:
Back
Efficiency gained as production increases.
6.
FLASHCARD QUESTION
Front
Exports in economics
Back
Goods and services made domestically and sold abroad
7.
FLASHCARD QUESTION
Front
Fiscal policy involves:
Back
Government spending and taxes
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