Economics Basics

Front

What is economics?

Back

The study of how people try to meet their needs and wants by making choices.

Front

The value of the thing given up when choosing between two things is

Back

opportunity cost

Front

What purpose do incentives serve in economics?

Back

To influence behavior

Front

What is the opportunity cost of military spending?

Back

Hospitals, schools, and roads

Front

Why do we study economics?

Back

To make informed decisions.

Front

What is scarcity in economics?

Back

Unlimited wants and limited resources

Front

Things people must have in order to survive.

Back

needs

Front

The amount of a product that is available for people to purchase.

Back

supply

Front

What are the things we might desire but can still live without?

Back

wants

Front

What is the biggest challenge in the world of economics?

Back

scarcity