Economics Flashcard

Front

What is the fundamental problem facing all people; unlimited wants and limited resources to satisfy those wants?

Back

Scarcity

Front

What are the resources required to produce goods and services called?

Back

Factors of Production

Front

How do economists measure the cost of decision-making?

Back

Opportunity Cost

Front

What does the term 'Efficient' refer to in the context of production?

Back

Maximum production using resources wisely

Front

What is the term for the separation of tasks where people focus on a specific purpose?

Back

Specialization

Front

What is the method used by society to allocate scarce resources called?

Back

Economic System

Front

What is the employment level referred to as 'Full Employment'?

Back

95% employment levels

Front

What is the term for a legal obligation to pay debts incurred by a business?

Back

Liability

Front

What is a monopoly?

Back

A market where one company controls the market.

Front

What does GDP stand for?

Back

Gross Domestic Product