Economics Flashcard

Front

What is the definition of a need?

Back

something you have to have to live

Front

Products shipped from the United States to other countries around the world are called

Back

exports

Front

What is the definition of a want?

Back

something you would like to have

Front

Which of the following is an example of a natural resource? a computer, a police officer, sewing machine, cotton

Back

cotton

Front

Which of the following is an example of a capital resources? sewing machine, police officer, cotton, trees

Back

sewing machine

Front

What is the definition of scarcity?

Back

when the item you want is hard to find

Front

If bananas are scarce this time of year, which statement would be true? Options: the supply of bananas is low, the demand for bananas is low, the stores have too many bananas, the supply of bananas is high

Back

the supply of bananas is low

Front

What is the definition of supply?

Back

the amount of an item a store has in stock

Front

Billy was trying to make a choice between a new game for his Wii or a new skateboard. He decided to use his money to buy a new game for his Wii. He had to give up the skateboard for the Wii game. The skateboard was his

Back

opportunity cost

Front

What is the definition of demand?

Back

the amount of people who want to purchase an item