Basic Economic Concepts Flashcard

Front

The places where goods and services are sold are called a

Back

marketplace.

Front

When there are not enough of an item in a store for people to buy what they need or want, this is called

Back

scarcity.

Front

When products are scarce in a market, the item's price

Back

goes up.

Front

Scarcity forces people to

Back

make an economic choice.

Front

Our economy revolves around

Back

money.

Front

When we exchange one good or service for another good or service, this is called

Back

bartering.

Front

Who determines the value of money?

Back

people

Front

What are two factors that determine the cost of an item?

Back

The value of the resources used and the price retailers want to charge

Front

What must consumers decide when buying something?

Back

What they want and what they can afford

Front

What must people have when spending money?

Back

A budget