Econ Test #1

Front

What is the term used to describe a situation where resources are limited and cannot meet all wants and needs?

Back

Scarcity

Front

SCARCITY

Back

People's wants and needs are forever larger than the supply of everything available.

Front

What is a fundamental aspect of economics?

Back

Making decisions

Front

What is always present according to the big ideas of economics?

Back

Scarcity

Front

What are goods typically defined as?

Back

Physical products

Front

What are services typically defined as?

Back

Work provided

Front

Opportunity Cost

Back

The value of the next best alternative.

Front

What is an economic system?

Back

A method to satisfy material wants

Front

What does the "What" aspect of an economic system refer to?

Back

Decisions on what goods/services to produce

Front

What does the "For Whom" aspect of an economic system determine?

Back

Distribution of goods/services and standard of living