Economics Flashcards
Flashcard
•
Social Studies
•
11th Grade
•
Practice Problem
•
Hard
Greg Hummel
FREE Resource
Student preview

98 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Four Factors of Production
Back
Land, capital, labor, and entrepreneurship
2.
FLASHCARD QUESTION
Front
Economics
Back
A social science because it deals with how people behave while trying to satisfy their needs and wants through use of relatively scarce resources.
3.
FLASHCARD QUESTION
Front
Capitalism
Back
A competitive economic system in which private citizens own the factors of production.
4.
FLASHCARD QUESTION
Front
Voluntary Exchange
Back
A characteristic of market/mixed economies.
5.
FLASHCARD QUESTION
Front
Limited Liability
Back
One characteristic of the corporate form of business organization.
6.
FLASHCARD QUESTION
Front
Marginal Utility
Back
Describes the additional satisfaction a consumer receives with the purchase of each additional unit.
7.
FLASHCARD QUESTION
Front
Law of Demand
Back
States that more of a product will be purchased at low prices than at high ones.
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