Econ Basics Vocab Review

Econ Basics Vocab Review

Assessment

Flashcard

Social Studies

10th - 12th Grade

Hard

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10 questions

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1.

FLASHCARD QUESTION

Front

System managing limited resources for production, distribution, and consumption of goods and services

Back

economy

2.

FLASHCARD QUESTION

Front

Work done by someone else for which a consumer, business, or government is willing to pay

Back

Services

3.

FLASHCARD QUESTION

Front

Tools, machines, and buildings for producing goods/services are called capital.

Back

true

4.

FLASHCARD QUESTION

Front

Next best alternative value forgone due to a decision:

Back

opportunity cost

5.

FLASHCARD QUESTION

Front

Comparing costs and benefits of an action; if benefits exceed costs, the action is worth taking. What is this called?

Back

false

6.

FLASHCARD QUESTION

Front

Any factor that motivates a person is known as cost-benefit analysis.

Back

false

7.

FLASHCARD QUESTION

Front

Condition from limited resources & unlimited wants:

Back

scarcity

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