Basic Economic Terms

Basic Economic Terms

Assessment

Flashcard

History

8th Grade

Practice Problem

Hard

Created by

Wayground Content

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12 questions

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1.

FLASHCARD QUESTION

Front

The inability to satisfy all wants at the same time. Resources and goods are limited, so choices must be made.

Back

scarcity

2.

FLASHCARD QUESTION

Front

Things that come from nature used to produce goods and other services.

Back

natural resources

3.

FLASHCARD QUESTION

Front

The using of goods and services

Back

consumption

4.

FLASHCARD QUESTION

Front

The tools, man-made objects or money used in the production of goods and services

Back

capital resources

5.

FLASHCARD QUESTION

Front

What is given up when a choice is made? The highest valued alternative not chosen.

Back

opportunity cost

6.

FLASHCARD QUESTION

Front

The people that make or sell goods or provide services.

Back

human resources

7.

FLASHCARD QUESTION

Front

The ability to create and manage a business. A willingness to take risks to make money.

Back

entrepreneurship

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