Basic Economics Concepts

Basic Economics Concepts

Assessment

Flashcard

Other

12th Grade

Easy

Created by

Jamal Jordan

Used 1+ times

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15 questions

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1.

FLASHCARD QUESTION

Front

Economics

Back

The study of how individuals, businesses, and governments allocate limited resources to meet unlimited wants.

2.

FLASHCARD QUESTION

Front

Scarcity

Back

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

3.

FLASHCARD QUESTION

Front

Opportunity Cost

Back

The value of the next best alternative foregone when a decision is made.

4.

FLASHCARD QUESTION

Front

Trade-off

Back

A compromise where one thing is given up in exchange for something else.

5.

FLASHCARD QUESTION

Front

Microeconomics

Back

The branch of economics that focuses on the behavior of individuals and firms in making decisions.

6.

FLASHCARD QUESTION

Front

Market

Back

A system or place where buyers and sellers interact to exchange goods and services.

7.

FLASHCARD QUESTION

Front

Demand

Back

The willingness and ability of consumers to purchase goods and services at various prices.

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