
Hanes' EPF Final Exam Fall 22-23
Flashcard
•
Social Studies
•
11th Grade
•
Practice Problem
•
Hard
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60 questions
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1.
FLASHCARD QUESTION
Front
economics
Back
the study of how people seek to satisfy their needs and wants by making choices and how society manages scarce resources
2.
FLASHCARD QUESTION
Front
macroeconomics
Back
the study of the economy as a whole, including topics such as inflation, unemployment and economic growth
3.
FLASHCARD QUESTION
Front
microeconomics
Back
the study of the economic behavior and decision making of small units, such as individuals, families and businesses
4.
FLASHCARD QUESTION
Front
scarcity
Back
unlimited wants and limited resources
5.
FLASHCARD QUESTION
Front
opportunity cost
Back
what we give up when we make a choice
6.
FLASHCARD QUESTION
Front
capital
Back
previously manufactured goods used to make other goods and services
7.
FLASHCARD QUESTION
Front
market economy
Back
economy in which producers own the factors of productions, producers and consumers determine what gets made, how, and for whom using voluntary exchanges
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