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

Econ Basics Vocab Review

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•
Social Studies
•
10th - 12th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
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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