

Economics Concepts Flashcards
Flashcard
•
Other
•
12th Grade
•
Practice Problem
•
Hard
Nghii Gia
FREE Resource
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26 questions
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1.
FLASHCARD QUESTION
Front
Economics is the study of the choices people and societies make to attain their unlimited wants, given their scarce resources.
Back
It is also considered the study of choice and how to make people better off in terms of their living standards.
2.
FLASHCARD QUESTION
Front
Scarcity refers to the situation in which unlimited wants exceed the limited resources to fulfill those wants.
Back
Relative scarcity means that only the most important material wants of households, firms, and governments can be satisfied.
3.
FLASHCARD QUESTION
Front
Resources are inputs used to produce goods and services, including natural resources such as land, water, and minerals, labor, capital, and entrepreneurial ability.
Back
Natural resources include arable land, oil, minerals, and rivers.
4.
FLASHCARD QUESTION
Front
Trade-off is the idea that, because of scarcity, producing more of one good or service means producing less of another good or service.
Back
Examples of trade-offs include efficiency vs equity, leisure time vs work, and military vs education.
5.
FLASHCARD QUESTION
Front
Opportunity cost is what you give up to get an item.
Back
Decision-makers should be aware of the opportunity costs that accompany each possible action.
6.
FLASHCARD QUESTION
Front
Marginal changes are small incremental adjustments to a plan of action.
Back
Rational people often make decisions by comparing marginal benefits and marginal costs.
7.
FLASHCARD QUESTION
Front
Production possibility frontier is a curve showing the maximum attainable combinations of two products that may be produced with available resources.
Back
It illustrates the concept of opportunity cost in making various choices or economic decisions.
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