Economic Concepts Flashcards

Economic Concepts Flashcards

Assessment

Flashcard

Business

11th Grade

Practice Problem

Hard

Created by

Ganbileg Galbadrakh

FREE Resource

Student preview

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112 questions

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1.

FLASHCARD QUESTION

Front

A need

Back

A good or service essential for living

2.

FLASHCARD QUESTION

Front

A want

Back

A good or service people would like to have, but which is not essential for living

3.

FLASHCARD QUESTION

Front

Economic Problem

Back

Unlimited wants but limited resources to produce goods and services

4.

FLASHCARD QUESTION

Front

Factors of production

Back

Resources needed to produce goods and services; limited in supply

5.

FLASHCARD QUESTION

Front

Scarcity

Back

Lack of sufficient products to fulfill total wants of the population

6.

FLASHCARD QUESTION

Front

Opportunity cost

Back

The next best alternative given up by choosing another item

7.

FLASHCARD QUESTION

Front

Specialization

Back

Occurs when people and businesses concentrate on what they are best at

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