Econ Unit 1 Section 1-4 Vocab
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Social Studies
•
9th - 12th Grade
•
Hard
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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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