Economic Concepts and Principles

Flashcard
•
History
•
12th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
What are "needs"?
Back
Things required for basic survival
2.
FLASHCARD QUESTION
Front
Which of the following is an example of a "want"? Water, A new laptop, A jacket for winter, Food
Back
A new laptop
3.
FLASHCARD QUESTION
Front
What are "goods"?
Back
Physical things that can be bought or sold
4.
FLASHCARD QUESTION
Front
What is a "service"?
Back
A task done for someone, like teaching or fixing a car
5.
FLASHCARD QUESTION
Front
What is the definition of scarcity?
Back
Having limited resources to meet unlimited wants
6.
FLASHCARD QUESTION
Front
What is the study of "economics"?
Back
The study of managing limited resources to satisfy people's wants and needs
7.
FLASHCARD QUESTION
Front
A "shortage" occurs when: There’s more supply than demand, There’s not enough of a product to meet demand, A product’s price is very high, A product is overproduced
Back
There’s not enough of a product to meet demand
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