
Basic Economic Concepts Flashcard
Flashcard
•
Social Studies
•
2nd Grade
•
Easy
Wayground Content
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18 questions
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1.
FLASHCARD QUESTION
Front
The places where goods and services are sold are called a
Back
marketplace.
2.
FLASHCARD QUESTION
Front
When there are not enough of an item in a store for people to buy what they need or want, this is called
Back
scarcity.
3.
FLASHCARD QUESTION
Front
When products are scarce in a market, the item's price
Back
goes up.
4.
FLASHCARD QUESTION
Front
Scarcity forces people to
Back
make an economic choice.
5.
FLASHCARD QUESTION
Front
Our economy revolves around
Back
money.
6.
FLASHCARD QUESTION
Front
When we exchange one good or service for another good or service, this is called
Back
bartering.
7.
FLASHCARD QUESTION
Front
Who determines the value of money?
Back
people
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