Not having enough of something.
Economics

Flashcard
•
Social Studies
•
4th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
scarcity
2.
FLASHCARD QUESTION
Front
Rewards or penalties used to encourage people to behave in predictable ways.
Back
incentives
3.
FLASHCARD QUESTION
Front
Workers and their skills.
Back
human resources
4.
FLASHCARD QUESTION
Front
When the production of a job is broken down into many small jobs, each done by a different worker.
Back
division of labor
5.
FLASHCARD QUESTION
Front
When you make a choice, this is the second thing that you wanted the most.
Back
opportunity cost
6.
FLASHCARD QUESTION
Front
The study of how individuals and societies use their scarce resources to get goods and services.
Back
economics
7.
FLASHCARD QUESTION
Front
The kind of economic system that we have in our country. The "three big questions" are answered through the interaction of producers and consumers. The seller expects to charge as much as the buyer is willing to pay without looking for another seller and a less expensive price.
Back
market economy
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