Economics

Front

What is the central idea in all of economics?

Back

Scarcity

Front

Any useful material that is found in nature:

Back

Natural Resource

Front

What is marginal benefit (MB)?

Back

The additional benefit received from a choice

Front

What is marginal cost (MC)?

Back

The additional cost of a choice

Front

Which is not an economic system? (standard 3) Options: Capitalism, Mutualism, Communism, Socialism

Back

Mutualism

Front

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?

Back

Capitalism

Front

Competition between businesses is an example of what economic system?

Back

Market

Front

A tax on imported goods is _______.

Back

a tariff

Front

Which is NOT a factor in measuring a nation's Standard of Living? (standard 5) Options: GDP, Healthcare, Infrastructure, Music

Back

Music

Front

Standard of living refers to the overall health of what?

Back

a nation's economy