CE 11a Economics Flashcard

CE 11a Economics Flashcard

Assessment

Flashcard

Social Studies

8th Grade

Hard

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10 questions

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1.

FLASHCARD QUESTION

Front

What is scarcity?

Back

The inability to satisfy all wants at the same time

2.

FLASHCARD QUESTION

Front

What is opportunity cost?

Back

What is given up when a choice is made

3.

FLASHCARD QUESTION

Front

What are the types of resources used in the production of goods and services?

Back

Natural, human, capital, and entrepreneurship

4.

FLASHCARD QUESTION

Front

What determines the price of a good or service?

Back

The interaction of supply and demand

5.

FLASHCARD QUESTION

Front

What is the amount of a good or service that consumers are willing and able to buy at a certain price called?

Back

Demand

6.

FLASHCARD QUESTION

Front

What is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services called?

Back

Production

7.

FLASHCARD QUESTION

Front

What is the using of goods and services called?

Back

Consumption

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