Basic Economic Concepts Flashcard

Basic Economic Concepts Flashcard

Assessment

Flashcard

Social Studies

2nd Grade

Easy

Created by

Wayground Content

Used 1+ times

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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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