
Economic Concepts Flashcards
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Brett McClelland
FREE Resource
Student preview

45 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Shortage
Back
The unavailability of a good or service in a given situation.
2.
FLASHCARD QUESTION
Front
Scarcity
Back
Limited resources for meeting unlimited wants and needs.
3.
FLASHCARD QUESTION
Front
Entrepreneur
Back
An ambitious leader who combines land, labor, and capital to create and market new goods and services.
4.
FLASHCARD QUESTION
Front
Human capital
Back
The skills and knowledge gained by a worker through education and experience.
5.
FLASHCARD QUESTION
Front
Physical capital
Back
All human-made goods that are used to produce other goods and services.
6.
FLASHCARD QUESTION
Front
Opportunity cost
Back
The most desirable alternative given up as the result of a decision.
7.
FLASHCARD QUESTION
Front
Trade-off
Back
An alternative that we sacrifice when we make a decision.
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