Economics Flashcards

Economics Flashcards

Assessment

Flashcard

Social Studies

9th Grade

Practice Problem

Easy

Created by

Patricia Quave

Used 2+ times

FREE Resource

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9 questions

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1.

FLASHCARD QUESTION

Front

Economics

Back

The study of human behavior in the face of scarcity

2.

FLASHCARD QUESTION

Front

Scarcity

Back

The condition that exists because there are not enough resources to produce everyone's wants

3.

FLASHCARD QUESTION

Front

Cost-benefit principle

Back

When making a choice, evaluate the full set of costs and benefits associated with that choice. Choose the option that maximizes your benefits (utility) and pursue it only if the benefits are equal to or greater than the costs.

4.

FLASHCARD QUESTION

Front

Utility

Back

The total satisfaction received from a choice

5.

FLASHCARD QUESTION

Front

Incentives

Back

Factors that influence a person’s behavior

6.

FLASHCARD QUESTION

Front

Opportunity cost principle

Back

When faced with a choice, your decision should reflect this opportunity cost, rather than just the out-of-pocket financial cost

7.

FLASHCARD QUESTION

Front

Opportunity cost

Back

The next best alternative that you give up when you make a choice

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