When an economic choice is made, it also means another choice is NOT made. For instance, if you choose to eat out at Chik-fil-A you are choosing NOT to eat out at Raising Cane's, or Zaxby's. In economics, this is called...

Economics Review

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Social Studies
•
8th Grade
•
Hard
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9 questions
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1.
FLASHCARD QUESTION
Front
Back
Opportunity Cost
2.
FLASHCARD QUESTION
Front
The inability to satisfy all wants and needs at the same time, because resources are limited, is known as...
Back
Scarcity
3.
FLASHCARD QUESTION
Front
The combining of resources needed to make goods or provide services is known as...
Back
Production
4.
FLASHCARD QUESTION
Front
Which resource is being described below:
Also known as labor, this resource is the individuals needed to create goods or carry out services.
Back
Human
5.
FLASHCARD QUESTION
Front
Which resource is being described below:
The materials that are found throughout planet Earth, whether on the surface or beneath it. These materials are valuable because they are needed to produce goods.
Back
Natural
6.
FLASHCARD QUESTION
Front
In economics, supply and demand is used to determine what?
Back
Price
7.
FLASHCARD QUESTION
Front
This image is an example of what? Options: Supply and Demand, Price, Incentives, Opportunity Cost
Back
Incentives
8.
FLASHCARD QUESTION
Front
In economics, most people are considered what? Hint: we purchase and use goods and services!
Back
Consumers
9.
FLASHCARD QUESTION
Front
Which resource is being described below:
Money, along with investments such as cryptocurrency, stocks, and interest earned on a home.
Back
Capital
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