Economics Final Review
Flashcard
•
History
•
12th Grade
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
In this type of economy, the people decide the supply, demand, and price.
Back
Market
2.
FLASHCARD QUESTION
Front
The amount of money a business makes after its expenses are paid
Back
profit
3.
FLASHCARD QUESTION
Front
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
Back
specialization
4.
FLASHCARD QUESTION
Front
What do economists mean by the term "scarcity"?
Back
Having too few or too little of resources
5.
FLASHCARD QUESTION
Front
The opportunity cost of a good is
Back
the alternative goods forgone.
6.
FLASHCARD QUESTION
Front
The production possibilities curve is an illustration of what?
Back
Opportunity costs and trade-offs
7.
FLASHCARD QUESTION
Front
All of the things necessary for production are known as:
Back
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