
2.02 Economics Flashcard
Flashcard
•
Business
•
10th Grade
•
Practice Problem
•
Hard
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16 questions
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1.
FLASHCARD QUESTION
Front
What is the study of how to meet unlimited, competing wants with limited resources called?
Back
Economics
2.
FLASHCARD QUESTION
Front
Which of the following is a desire for something that can only be satisfied by spending money?
Noneconomic want, Economic want, Need, Service
Back
Economic want
3.
FLASHCARD QUESTION
Front
What are physical objects that are useful, scarce, and transferable called?
Back
Economic goods
4.
FLASHCARD QUESTION
Front
Which of the following is NOT a classification of consumer products? Convenience, Shopping, Materials, Specialty
Back
Materials
5.
FLASHCARD QUESTION
Front
What are the human and natural resources and capital goods used to produce goods and services called?
Back
Economic resources
6.
FLASHCARD QUESTION
Front
What is scarcity?
Back
A condition resulting from the gap between limited resources and unlimited wants for goods and services
7.
FLASHCARD QUESTION
Front
What does the law of demand state?
Back
The quantity of a good or service that buyers are ready to buy varies inversely with its price.
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