the situation of having unlimited wants but limited resources
Economics Final Review

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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42 questions
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1.
FLASHCARD QUESTION
Front
Back
Scarcity
2.
FLASHCARD QUESTION
Front
Opportunity Cost
Back
the most desirable alternative given up when a choice is made
3.
FLASHCARD QUESTION
Front
Implicit Costs
Back
the amount that could have been earned if a different path had been chosen.
4.
FLASHCARD QUESTION
Front
Explicit Costs
Back
the traditional out of pocket costs associated with making a decision
5.
FLASHCARD QUESTION
Front
Positive Incentive
Back
a reward
6.
FLASHCARD QUESTION
Front
Negative Incentive
Back
a punishment
7.
FLASHCARD QUESTION
Front
Free Market Economy
Back
The laws of supply and demand allocate resources, goods, and services with little government interference
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