Scarcity and Choice

Scarcity and Choice

Assessment

Flashcard

English

11th Grade

Hard

Created by

Anne Gleeson

FREE Resource

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12 questions

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1.

FLASHCARD QUESTION

Front

The study of the economy at the level of individuals, households, and businesses

Back

Micro economics

2.

FLASHCARD QUESTION

Front

Branch of economics that uses objective analysis to find out how the economy actually works, describes how things are

Back

Positive economics

3.

FLASHCARD QUESTION

Front

The study of the workings of the economy as a whole

Back

Macro economics

4.

FLASHCARD QUESTION

Front

A system used to manage limited resources for the production, distribution, and consumption of goods and services

Back

Economy

5.

FLASHCARD QUESTION

Front

Value judgments to data in order to recommend actions or policies. The goal is to advise how things ought to be done.

Back

Normative economics

6.

FLASHCARD QUESTION

Front

The demand for a good or service is greater than the availability of the good or service

Back

Scarcity

7.

FLASHCARD QUESTION

Front

Compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth it

Back

cost-benefit analysis

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