Economics Basics 2024

Front

Economics - the study of how people seek to satisfy their needs and wants by making choices

Back

needs and wants by making choices

Front

Scarcity, is the principle that

Back

limited amounts of goods and services are available to meet unlimited wants & needs

Front

An incentive

Back

encourages specific behavior or action

Front

Cost

Back

a bad or negative outcome of choice

Front

Opportunity Cost is

Back

the loss of any potential gains for an un-selected choice

Front

Benefit

Back

a good or positive outcome of choice

Front

Entrepreneurs are

Back

people who start businesses

Front

In a mixed economy, who decides what to produce? Options: only governments decide what to produce, governments and individuals decide what to produce, only individuals decide what to produce, people barter for goods and services

Back

governments and individuals decide what to produce

Front

In a command economy, who decides what to produce?

Back

only governments decide what to produce

Front

Economists describe the economy of the USA as a

Back

mixed economy