What is scarcity?
CE 11a Economics Flashcard

Flashcard
•
Social Studies
•
8th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
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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