
Economic Concepts and Principles
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Hard
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1.
FLASHCARD QUESTION
Front
An Economy that is producing the maximum amount of goods and services is considered to be
Back
efficient
2.
FLASHCARD QUESTION
Front
Opportunity Cost is
Back
that which we give up (forgo) when we make an economic choice or decision
3.
FLASHCARD QUESTION
Front
Scarcity is an economic problem with which all societies are faced
Back
true
4.
FLASHCARD QUESTION
Front
Economic growth causes the production possibilities frontier to contract (move to the left)
Back
false
5.
FLASHCARD QUESTION
Front
A graph showing all the combinations of goods and services that can be produced if all of...
Back
production possibilities curve
6.
FLASHCARD QUESTION
Front
A production possibilities graph shows
Back
different ways to use an economy's resources
7.
FLASHCARD QUESTION
Front
What is the name of the graph that shows all the combinations of goods and services that can be produced?
Back
production possibilities curve
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