Economic Concepts Flashcards

Front

The concept of _______ refers to the limited nature of society's resources.

Back

Scarcity

Front

When making decisions, individuals must consider _______, which is the next best alternative forgone.

Back

Opportunity Cost

Front

A _______ is a systematic approach to making decisions about economic and personal finance choices.

Back

Budget

Front

The four factors of production are land, labor, _______, and entrepreneurship.

Back

Capital

Front

In a _______ economy, the government makes all the economic decisions.

Back

Command

Front

Consumer Sovereignty

Back

The concept that consumers dictate what products are produced.

Front

Monopoly

Back

A market structure where a single seller controls the market.

Front

Opportunity Cost

Back

The loss of potential gain from other alternatives when one alternative is chosen.

Front

Entrepreneur

Back

An individual who starts and runs a business.

Front

Circular Flow

Back

The movement of goods and services through the economy among households and firms.