Economics Review

Front

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...

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Opportunity Cost

Front

The inability to satisfy all wants and needs at the same time, because resources are limited, is known as...

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Scarcity

Front

The combining of resources needed to make goods or provide services is known as...

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Production

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

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.

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Natural

Front

In economics, supply and demand is used to determine what?

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Price

Front

This image is an example of what? Options: Supply and Demand, Price, Incentives, Opportunity Cost

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Incentives

Front

In economics, most people are considered what? Hint: we purchase and use goods and services!

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Consumers

Front

Which resource is being described below:
Money, along with investments such as cryptocurrency, stocks, and interest earned on a home.

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Capital