The inability to satisfy all wants because resources are limited
CE 11 Vocab Review
Flashcard
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Social Studies
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7th - 8th Grade
•
Hard
Ms. Robinson
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9 questions
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1.
FLASHCARD QUESTION
Front
Back
scarcity
2.
FLASHCARD QUESTION
Front
Natural, human, capital, and entrepreneurship are examples of these.
Back
resources
3.
FLASHCARD QUESTION
Front
The cost of what is given up when a choice is made
Back
Opportunity Cost
4.
FLASHCARD QUESTION
Front
The amount of goods or services consumers want to buy
Back
Demand
5.
FLASHCARD QUESTION
Front
The amount of goods or services producers have to sell
Back
Supply
6.
FLASHCARD QUESTION
Front
The interaction between supply and demand
Back
Price
7.
FLASHCARD QUESTION
Front
Selecting an item from a set of possible alternatives
Back
Choice
8.
FLASHCARD QUESTION
Front
Making goods or services with available resources
Back
Production
9.
FLASHCARD QUESTION
Front
Using goods or services
Back
Consumption
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