Unit 7 Economics Study Guide

Front

In economics, the value of the next best alternative is called _________.

Back

Opprotunity Cost

Front

The study of economics is primarily concerned with:

Back

choices/decisions that are made due to lack of resources

Front

What is the fundamental problem of every society? Options: labor costs, scarcity, economic interdependence, market fluctuation

Back

scarcity

Front

How do you satisfy your unlimited wants in a world of limited resources? Options: by making more money, by making choices, by stealing, by setting a budget

Back

by making choices

Front

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

Back

Producers

Front

________________ are people who use services or buy goods.

Back

Consumers

Front

The term used when there is not enough of something to go around is __________________.

Back

scarcity

Front

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

Back

supply

Front

Why would a business want to spend their money to invent new items?

Back

They can make new goods to sell

Front

What is supply?

Back

the amount of an item you have