
Scarcity and Factors of Production Flashcard

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
The study of how people choose to use scarce resources to satisfy their wants.
Back
Economics
2.
FLASHCARD QUESTION
Front
Desires that can be satisfied by consuming a good or service.
Back
wants
3.
FLASHCARD QUESTION
Front
Things, such as food, clothing or shelter, that are necessary for survival.
Back
needs
4.
FLASHCARD QUESTION
Front
Economics can be described as the study of
Back
Choices
5.
FLASHCARD QUESTION
Front
The condition of scarcity can be described as one that exists when our unlimited needs/wants exceed our limited resources.
Back
exists when our unlimited needs/wants exceed our limited resources
6.
FLASHCARD QUESTION
Front
FOP refers to
Back
Factors of Production
7.
FLASHCARD QUESTION
Front
The 4 Factors of Production (FOP) are
Back
land, labor, capital, entrepreneurship
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