midterm economics study guide
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Hard
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57 questions
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1.
FLASHCARD QUESTION
Front
Define the term listed below:
Tangible
Back
Physical assets or objects that can be touched or measured, such as machinery or buildings.
2.
FLASHCARD QUESTION
Front
Define the term listed below:
Capital
Back
Resources used to produce goods and services, including financial, physical, and human capital
3.
FLASHCARD QUESTION
Front
Define the term listed below:
Scarcity
Back
The economic principle that resources are limited while human wants are unlimited
4.
FLASHCARD QUESTION
Front
Define the term listed below:
Microeconomics
Back
The branch of economics that studies individual behavior and decision-making in small units, such as households and businesses
5.
FLASHCARD QUESTION
Front
Define the term listed below:
Theory
Back
A set of principles or ideas used to explain and predict economic behavior
6.
FLASHCARD QUESTION
Front
Define the term listed below:
Opportunity Cost
Back
The value of the next best alternative that is foregone when making a choice.
7.
FLASHCARD QUESTION
Front
Define the term listed below:
Resource
Back
Inputs used to produce goods and services, such as land, labor, and capital.
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