FINAL EXAM REVIEW
Flashcard
•
Social Studies
•
11th Grade
•
Practice Problem
•
Hard
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58 questions
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1.
FLASHCARD QUESTION
Front
The value of your next best alternative choice. An essential idea to economic basics
Back
Opportunity Cost
2.
FLASHCARD QUESTION
Front
The study of small principles of economics. Profit, product price, and competition are examples of topics
Back
Microeconomics
3.
FLASHCARD QUESTION
Front
The study of what people do with the scarce resources around them in the world
Back
Economics
4.
FLASHCARD QUESTION
Front
The study of big picture concepts in economics. Trade, unemployment, and taxes are examples
Back
Macroeconomics
5.
FLASHCARD QUESTION
Front
The idea that resources are limited and wants are unlimited
Back
Scarcity
6.
FLASHCARD QUESTION
Front
When the price of one product drops, demand for related products increases (like peanut butter and jelly)
Back
Complementary Good
7.
FLASHCARD QUESTION
Front
The process of putting money aside in the hopes that it gains value
Back
Investment
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