Economics Fundamentals Vocabulary

Front

What is the study of scarcity and choice?

Back

Economics

Front

What are the basic requirements for human survival?

Back

Needs

Front

Desires that can be satisfied by consuming a good or service are called?

Back

Wants

Front

What is the most desirable alternative given up as the result of a decision?

Back

Opportunity Cost

Front

What is the additional benefit associated with an action?

Back

Marginal Benefit

Front

An economic system in which the government controls a country's economy.

Back

Command Economy

Front

What methods do societies use to produce and distribute resources?

Back

Economic Systems

Front

A person who starts up and takes on the risk of a business

Back

Entrepreneur

Front

Land, labor, and capital are the three resources used to make all goods and services.

Back

The Factors of Production

Front

An economic system in which resources are primarily owned and controlled by the private sector

Back

Free Market Economy