Unit 1 Review
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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54 questions
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1.
FLASHCARD QUESTION
Front
The study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
Back
economics
2.
FLASHCARD QUESTION
Front
The gap between the world's limited resources and our limitless wants is called
Back
scarcity
3.
FLASHCARD QUESTION
Front
Due to scarcity, people
Back
need to make decisions about how to efficiently use their resources
4.
FLASHCARD QUESTION
Front
The value of the next best alternative that a person must give up when making a choice is
Back
opportunity cost
5.
FLASHCARD QUESTION
Front
How are trade-offs and opportunity costs different?
Back
Every time a trade-off is made, an opportunity cost is incurred.
6.
FLASHCARD QUESTION
Front
Collectively, the four categories of resources that are used in production of goods and services in the economy.
Back
Factors of Production
7.
FLASHCARD QUESTION
Front
Capital refers to...
Back
the tools, equipment, and factories used in production of goods and services
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