

Economics Concepts and Theories
Flashcard
•
Other
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7th Grade
•
Practice Problem
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Hard
Iliana Megel
FREE Resource
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43 questions
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1.
FLASHCARD QUESTION
Front
Microeconomics
Back
The study of individual people, businesses, and industries in the economy. It looks at decisions made by consumers and producers and how they interact.
2.
FLASHCARD QUESTION
Front
Macroeconomics
Back
The study of the economy as a whole, including national issues like inflation, unemployment, and economic growth.
3.
FLASHCARD QUESTION
Front
John Maynard Keynes
Back
An influential economist who believed that government spending could help stabilize the economy during downturns and prevent depressions.
4.
FLASHCARD QUESTION
Front
Wants
Back
Things people desire but don't need for survival, such as a new phone or vacation.
5.
FLASHCARD QUESTION
Front
Needs
Back
Essential things people must have for survival, like food, water, and shelter.
6.
FLASHCARD QUESTION
Front
Goods
Back
Physical items that satisfy people’s wants or needs, like cars, clothes, or food.
7.
FLASHCARD QUESTION
Front
Services
Back
Activities that satisfy people’s wants or needs, like teaching, healthcare, or entertainment.
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