
Understanding Economics

Flashcard
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Quizizz Content
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Mathematics
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8th Grade
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Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Why is economics considered a necessary study?
Back
Due to the constant presence of scarcity and our need to make choices.
2.
FLASHCARD QUESTION
Front
Which of the following is NOT considered a resource in economics?
Back
An infinite supply of energy.
3.
FLASHCARD QUESTION
Front
What is the difference between scarcity and a shortage?
Back
A shortage is when demand exceeds supply at a certain price, scarcity is always present.
4.
FLASHCARD QUESTION
Front
What primarily differentiates macroeconomics from microeconomics?
Back
Macroeconomics deals with global economies, while microeconomics focuses on individual decisions.
5.
FLASHCARD QUESTION
Front
What are goods and services considered to be?
Back
Scarce because they require limited resources to be produced or performed.
6.
FLASHCARD QUESTION
Front
Define 'scarcity' in economics.
Back
Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
7.
FLASHCARD QUESTION
Front
What is 'microeconomics'?
Back
Microeconomics is the branch of economics that studies individual agents and their interactions in markets.
8.
FLASHCARD QUESTION
Front
What is 'macroeconomics'?
Back
Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole.
9.
FLASHCARD QUESTION
Front
What are 'resources' in economics?
Back
Resources are inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.
10.
FLASHCARD QUESTION
Front
What is 'opportunity cost'?
Back
Opportunity cost is the value of the next best alternative that is forgone when making a decision.
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