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Key Concepts in Economics

Key Concepts in Economics

Assessment

Flashcard

Social Studies

10th Grade

Practice Problem

Medium

Created by

Wayground Content

Used 16+ times

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9 questions

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1.

FLASHCARD QUESTION

Front

Economics is the study of how people use resources to satisfy their needs and wants.

Back

The study of resource allocation

2.

FLASHCARD QUESTION

Front

What is the definition of Economy?

Back

A system of production, distribution, and consumption of goods and services.

3.

FLASHCARD QUESTION

Front

Positive Economics is concerned with: Describing and explaining economic phenomena, Prescribing economic policies, Evaluating economic outcomes, Judging economic fairness

Back

Describing and explaining economic phenomena

4.

FLASHCARD QUESTION

Front

Normative Economics is concerned with:

Back

Making value-based judgments about economic policies

5.

FLASHCARD QUESTION

Front

Scarcity in economics refers to the limited nature of resources in comparison to the unlimited wants and needs of people.

Back

The limited nature of resources in comparison to the unlimited wants and needs of people.

6.

FLASHCARD QUESTION

Front

Define Tradeoff in economic terms.

Back

The balance achieved between two desirable but incompatible features.

7.

FLASHCARD QUESTION

Front

Cost-Benefit Analysis is a method used to:

Back

Evaluate the financial implications of a decision

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