Understanding Economic Concepts

Flashcard
•
Social Studies
•
3rd Grade
•
Hard
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7 questions
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1.
FLASHCARD QUESTION
Front
What is Scarcity?
Back
When resources are limited and the need for a good or service is higher for a society than what is produced
2.
FLASHCARD QUESTION
Front
What is disposable Income?
Back
Refers to one’s total income that is left following the payment of all required taxes.
3.
FLASHCARD QUESTION
Front
What is the major difference between scarcity and a shortage?
Back
Shortages are temporary and scarcity always exist.
4.
FLASHCARD QUESTION
Front
Fixed Income
Back
The cost of income that does not change from month to month. It is a part of someone’s business budget.
5.
FLASHCARD QUESTION
Front
Need:
Back
Something that a person must have to survive.
6.
FLASHCARD QUESTION
Front
What are Wants?
Back
Good and services that people desire but do not need them to survive.
7.
FLASHCARD QUESTION
Front
Competition
Back
The rivalry that may refer to rivalry among firms or individuals, or race to control resources.
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