ICIVICS Market Economy
Flashcard
•
Social Studies
•
7th Grade
•
Practice Problem
•
Easy
Wayground Content
Used 1+ times
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26 questions
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1.
FLASHCARD QUESTION
Front
Economy is...
Back
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
2.
FLASHCARD QUESTION
Front
A consumer is...
Back
a person who purchases goods and services for personal use.
3.
FLASHCARD QUESTION
Front
A producer is...
Back
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
4.
FLASHCARD QUESTION
Front
Profit is...
Back
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
5.
FLASHCARD QUESTION
Front
An incentive is...
Back
a thing that motivates or encourages one to do something.
6.
FLASHCARD QUESTION
Front
Opportunity Cost is...
Back
the loss of potential gain from other alternatives when one alternative is chosen.
7.
FLASHCARD QUESTION
Front
Producers battling over who can make the most profit
Back
Competition
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