Economics Flashcard

Front

Which definition best describes economics? Options: the study of earth and all its variety, the study of the rights and duties of citizens, the study of ways to use resources to fulfill wants & needs, the study of past events, particularly human affairs

Back

the study of ways to use resources to fulfill wants & needs

Front

__________ is the money, people, & materials that are available for a community.

Back

Resources

Front

Food, clothing, & shelter are all examples of __________.

Back

Needs

Front

The amount of goods or services that are available is known as the ___________.

Back

supply

Front

The desire, willingness, or ability to buy a good or service is known as __________.

Back

demand

Front

Phones, games, & toys are all examples of ____________.

Back

Wants

Front

Identify the "good" from the options below: Firefighters, Hair Stylist, Dentist, Playstation 5

Back

Front

Identify the "service" from the options below: Dogs, Chef, Running Shoes, Coffee Mug

Back

Front

A plan for how to spend the money that you make is ___________.

Back

a budget

Front

You have $50 to buy either a new coat or a new watch. You choose the watch. What is your opportunity cost here?

Back

the coat