
Economic Systems Flashcard
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Christine Trudo-Mayo
FREE Resource
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10 questions
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1.
FLASHCARD QUESTION
Front
Economic System
Back
Structure and processes that a society uses to allocate its resources and conduct economic activities
2.
FLASHCARD QUESTION
Front
Explain the concept of scarcity in an economic system.
Back
Limited availability of resources
3.
FLASHCARD QUESTION
Front
What is the difference between positive economics and normative economics?
Back
Positive economics is the study of what is, while normative economics is the study of what ought to be.
4.
FLASHCARD QUESTION
Front
Tradeoff in the context of an economic system
Back
Decision to give up one thing in exchange for another
5.
FLASHCARD QUESTION
Front
How is cost-benefit analysis used in economic decision making?
Back
By comparing the costs and benefits of a decision to determine its economic viability.
6.
FLASHCARD QUESTION
Front
What role do incentives play in an economic system?
Back
Incentives provide motivation for individuals and businesses to make certain economic choices.
7.
FLASHCARD QUESTION
Front
Economy
Back
System of production, distribution, and consumption of goods and services within a society or a country
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