Understanding Economic Concepts and Costs

Flashcard
•
Social Studies
•
4th Grade
•
Hard
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12 questions
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1.
FLASHCARD QUESTION
Front
money that is earned from work or investments
Back
income
2.
FLASHCARD QUESTION
Front
the use of resources to buy, sell, produce, or consume goods and services
Back
economic activity
3.
FLASHCARD QUESTION
Front
something that is lost or given up in the process of getting something else
Back
cost
4.
FLASHCARD QUESTION
Front
the value of what you have to give up in order to choose something else
Back
opportunity cost
5.
FLASHCARD QUESTION
Front
a plan for using money, based on expected income and expense
Back
budget
6.
FLASHCARD QUESTION
Front
something advantageous or positive, especially as a result of a decision
Back
benefit
7.
FLASHCARD QUESTION
Front
a resource used to produce a good or service
Back
productive resource
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