Economics Flashcard

Front

A car is an example of a

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durable good.

Front

Opportunity cost refers to

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the value of the next best alternative.

Front

Economics is best defined as the study of how societies deal with the problem of scarcity.

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the problem of scarcity.

Front

The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and

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free market.

Front

The economic system of the United States is considered a

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free market capitalist economy.

Front

Which is a good synonym for the word barter in the term barter economy?

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trade

Front

How many distinct factors of production do economists recognize?

Back

four

Front

Consumers in a free enterprise economy ultimately determine _______ to produce.

Back

when, how, what, where

Front

Consumers are powerful because they drive decisions about what to produce.

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they drive decisions about what to produce.

Front

Consumers can influence the production and sale of goods by

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"voting" with their dollars.