
IGCSE Econ Unit 1 - The basic economic problem
Flashcard
•
Social Studies
•
9th Grade
•
Practice Problem
•
Hard
Chloe Zhang
FREE Resource
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24 questions
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1.
FLASHCARD QUESTION
Front
Wants
Back
desires for goods and services
2.
FLASHCARD QUESTION
Front
Resources
Back
factors used to produce goods and services
3.
FLASHCARD QUESTION
Front
The economic problem
Back
unlimited wants exceeding finite resources
4.
FLASHCARD QUESTION
Front
Scarcity
Back
a situation where there is not enough to satisfy everyone's wants
5.
FLASHCARD QUESTION
Front
Economic good
Back
a product which requires resources to produce it and therefore has an opportunity cost
6.
FLASHCARD QUESTION
Front
Free good
Back
a product which does not require any resources to make it and so does not have an opportunity cost
7.
FLASHCARD QUESTION
Front
Capital/Capital goods
Back
human-made goods used in production
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