Economics Review

Front

What is the problem all economies are trying to solve?

Back

There are unlimited wants and limited resources.

Front

What is Economics?

Back

The social science of people and choices.

Front

Which is NOT one of the questions economies need to be able to answer? Options: What product/service should we provide?, How should the product/service be produced?, Who should the product/service be produced for?, When should the product/service be produced?

Back

When should the product/service be produced?

Front

When supply is high and demand is low, you have a

Back

Surplus

Front

When supply is low and demand is high, you have a

Back

Scarcity

Front

Things that are beyond the producers or consumers control that impact supply & demand are called

Back

External forces

Front

Which economic system has no government interference?

Back

MARKET ECONOMY

Front

_____ is  any place where buyers and sellers meet to exchange goods and services

Back

market

Front

What is the value of the next best alternative when one option is chosen over another?

Back

Opportunity Cost

Front

Scarcity means we must make a ______.

Back

choice