Economics
Flashcard
•
Social Studies
•
12th Grade
•
Hard
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24 questions
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1.
FLASHCARD QUESTION
Front
What is the central idea in all of economics?
Back
Scarcity
2.
FLASHCARD QUESTION
Front
Any useful material that is found in nature:
Back
Natural Resource
3.
FLASHCARD QUESTION
Front
What is marginal benefit (MB)?
Back
The additional benefit received from a choice
4.
FLASHCARD QUESTION
Front
What is marginal cost (MC)?
Back
The additional cost of a choice
5.
FLASHCARD QUESTION
Front
Which is not an economic system? (standard 3) Options: Capitalism, Mutualism, Communism, Socialism
Back
Mutualism
6.
FLASHCARD QUESTION
Front
In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?
Back
Capitalism
7.
FLASHCARD QUESTION
Front
Competition between businesses is an example of what economic system?
Back
Market
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