Economics Flashcard

Front

What does economic efficiency emphasize?

Back

Making the most of resources with very little waste

Front

What does economic growth value?

Back

Improvement in products and production over time

Front

What is economic security concerned with?

Back

All people having their basic needs met

Front

What is competition in economics?

Back

Two or more businesses striving to win over consumers

Front

Who is a consumer?

Back

An individual or household that buys goods or services

Front

Incentive

Back

Anything that motivates an individual or business to work harder

Front

What characterizes a command economy?

Back

Decisions are made by the central government

Front

What is a market economy?

Back

An economy where decisions are made by business owners with no government interference

Front

What defines a mixed economy?

Back

Decisions are made by a combination of business owners and the central government

Front

What is scarcity in economics?

Back

Limited resources to meet unlimited wants and needs