1.1, 1.2 Understanding Economic Concepts Flashcard

Front

Which of the following is an example of a need? Designer shoes, Clean water, Video games, Concert tickets

Back

Clean water

Front

What is a good?

Back

A physical item that can be bought or sold

Front

Which of the following is a natural resource? A factory, Coal, A delivery truck, A cashier

Back

Coal

Front

Who is considered a human resource?

Back

A teacher

Front

Which of the following is a capital resource? Oil, A river, A factory machine, A farmer

Back

A factory machine

Front

Scarcity means:

Back

Resources are limited and cannot meet all wants

Front

Which of the following best describes a service? A car, A haircut, A book, A computer

Back

A haircut

Front

What is the main difference between wants and needs?

Back

Needs are necessary for survival, wants are not.

Front

Which of the following is an example of a tradeoff?
Buying both a phone and a laptop,
Choosing to study instead of going to a party,
Getting everything you want,
Having unlimited resources

Back

Choosing to study instead of going to a party

Front

Opportunity cost is best defined as:

Back

The next best alternative you give up when making a choice