
Eco w/ PFL Unit 1 Vocabulary
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Jeffrey Segrest
Used 1+ times
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15 questions
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1.
FLASHCARD QUESTION
Front
Scarcity
Back
There are not enough resources available to produce everything that individuals demand.
2.
FLASHCARD QUESTION
Front
Choice
Back
Prioritizing between different options based on preferences, constraints, and available resources.
3.
FLASHCARD QUESTION
Front
Opportunity Cost
Back
The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.
4.
FLASHCARD QUESTION
Front
Production-Possibilities Curve (PPC)
Back
An economic model that shows various output combinations of two goods and demonstrates the concept of opportunity cost.
5.
FLASHCARD QUESTION
Front
Cost-Benefit Decision Making
Back
Weighing the potential costs and benefits of a choice or action to determine whether it's worthwhile.
6.
FLASHCARD QUESTION
Front
Economic System
Back
The way a society organizes its production, distribution, and consumption of goods and services.
7.
FLASHCARD QUESTION
Front
Traditional Economy
Back
Economic decisions are made on the basis of customs and beliefs handed down from one generation to the next (e.g., Bushmen).
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