CH. 1 Economics Flashcard

Front

Something advantageous or positive, especially as the result of a decision

Back

benefit

Front

Choose the correct definition of voluntary.

Back

done or given by choice, with free will

Front

Choose the correct definition of consequence.

Back

something that happens as a result of an action, event, or circumstance

Front

The buying and selling of goods and services

Back

trade

Front

Choose the correct definition of cost.

Back

something that is lost or given up in the process of getting something else

Front

The measure of a nation's quality of life based on income, education, life expectancy, and other factors

Back

standard of living

Front

Choose the correct definition of interdependent.

Back

people, societies, or other groups who rely on each other for survival or success

Front

Choose the correct definition of specialization. (Make sure you read the question carefully to select the correct definition.)

Back

focusing on efficiently producing a limited number of goods and services

Front

Choose the correct definition of opportunity cost.

Back

The value of what you have to give up in order to choose something else

Front

The lack of resources to produce all the goods and services that are needed or wanted

Back

scarcity