Econ Unit 1 Section 1-4 Vocab

Econ Unit 1 Section 1-4 Vocab

Assessment

Flashcard

Social Studies

9th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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25 questions

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1.

FLASHCARD QUESTION

Front

Wants:

Back

An item we desire but is not essential for survival, like a new car or a vacation.

2.

FLASHCARD QUESTION

Front

Needs

Back

Essential for survival: air, food, shelter.

3.

FLASHCARD QUESTION

Front

Economics: A social science field about how people use resources to produce or consume goods/services to meet wants.

Back

A social science field about how people use resources to produce or consume goods/services to meet wants.

4.

FLASHCARD QUESTION

Front

Scarcity: The basic economic problem due to unlimited wants and limited resources.

Back

The basic economic problem due to unlimited wants and limited resources.

5.

FLASHCARD QUESTION

Front

Choice: The act of picking between two or more possibilities.

Back

The act of picking of deciding between two or more possibilities.

6.

FLASHCARD QUESTION

Front

Opportunity Cost

Back

Most desirable benefit or value given up to obtain something else.

7.

FLASHCARD QUESTION

Front

Resources

Back

Assets used to produce human needs and wants.

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