Unit 1 Part 1 Vocab
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
The study of how people choose to use their limited resources - land, labor, capital, entrepreneurship, (money, time, etc) to satisfy unlimited wants (& needs)
Back
economics
2.
FLASHCARD QUESTION
Front
The value of a choice - relative to an alternative - the cost of the best alternative given up.
Back
opportunity cost
3.
FLASHCARD QUESTION
Front
The condition where each subsequent unit of a good or service consumed provides less satisfaction than the previous.
Back
the Law of Diminishing Marginal Utility
4.
FLASHCARD QUESTION
Front
The economy in which producers and consumers are relatively free of government intervention
Back
laissez-faire
5.
FLASHCARD QUESTION
Front
This is what is gained by adding one more unit to an activity
Back
marginal benefit
6.
FLASHCARD QUESTION
Front
something that motivates a person to take a particular course of action
Back
incentive
7.
FLASHCARD QUESTION
Front
a method of rational inquiry with six steps: (1) posing a question, (2) researching the question, (3) developing a hypothesis, (4) conducting studies and collecting data, (5) analyzing the data, and (6) evaluating the hypothesis
Back
scientific method
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