Economic Basics Mini-Flashcard

Front

The money an individual/business has left after paying expenses is called:

Back

profit

Front

What is the word for when there are not enough resources for everyone?

Back

Scarcity

Front

Which of the following is an example of a GOOD? Healthcare, Police Officer, Chick-fil-A chicken sandwich, President

Back

Chick-fil-A chicken sandwich

Front

Supply and ______ helps determine how much something should cost.

Back

demand

Front

The amount of goods or services available is called...

Back

supply

Front

If the cost of computers falls, then…

Back

the demand for computers goes up.

Front

An individual or group who purchases goods is a?

Back

consumer

Front

The point where supply and demand are balanced is?

Back

equilibrium

Front

NO PROFIT = BIG BUSINESS

Back

False

Front

You make a choice to play laser tag with your friends instead of buying a new video game. The value of the video game is the...

Back

opportunity cost