
Economic Concepts Flashcards
Flashcard
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Other
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11th Grade
•
Practice Problem
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Medium
Jacob Fumic
Used 15+ times
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50 questions
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1.
FLASHCARD QUESTION
Front
The concept of _______ refers to the limited nature of society's resources.
Back
Scarcity
2.
FLASHCARD QUESTION
Front
When making decisions, individuals must consider _______, which is the next best alternative forgone.
Back
Opportunity Cost
3.
FLASHCARD QUESTION
Front
A _______ is a systematic approach to making decisions about economic and personal finance choices.
Back
Budget
4.
FLASHCARD QUESTION
Front
The four factors of production are land, labor, _______, and entrepreneurship.
Back
Capital
5.
FLASHCARD QUESTION
Front
In a _______ economy, the government makes all the economic decisions.
Back
Command
6.
FLASHCARD QUESTION
Front
Consumer Sovereignty
Back
The concept that consumers dictate what products are produced.
7.
FLASHCARD QUESTION
Front
Monopoly
Back
A market structure where a single seller controls the market.
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