Fundamentals of Economics Vocab 2

Flashcard
•
Social Studies
•
6th - 12th Grade
•
Hard
Lori Cheeney
FREE Resource
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14 questions
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1.
FLASHCARD QUESTION
Front
The inability to satisfy all wants at the same time. All resources and goods are limited. Limited goods and resources require that choices be made.
Back
scarcity
2.
FLASHCARD QUESTION
Front
Factors of production that come from the earth and are used in the production of goods and services
Back
natural resources
3.
FLASHCARD QUESTION
Front
selection of an item or action from a set of possible alternatives
Back
choice
4.
FLASHCARD QUESTION
Front
What is given up when a choice is made (the second-best alternative)?
Back
opportunity cost
5.
FLASHCARD QUESTION
Front
the using of goods and services
Back
consumption
6.
FLASHCARD QUESTION
Front
Based on supply and demand with little or no government control
Back
Free market economy
7.
FLASHCARD QUESTION
Front
An economy in which production, investment, prices, and incomes are determined centrally by a government.
Back
command economy
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