Unit 1 - Basic Economic Concepts

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Benjamin Rios
FREE Resource
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18 questions
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1.
FLASHCARD QUESTION
Front
"the study of how to provide for unlimited wants given limited resources"
Back
Economics
2.
FLASHCARD QUESTION
Front
Scarcity exists because society has limited _______ but unlimited _______.
Back
resources/wants
3.
FLASHCARD QUESTION
Front
opportunity cost
Back
The value of your next best alternative
4.
FLASHCARD QUESTION
Front
Inkwell Isles' PPC: Shift production from point B to point C. What is the opportunity cost?
Back
4 units of Good Y
5.
FLASHCARD QUESTION
Front
What can cause an outward shift of the PPC?
Back
Technology that makes workers more productive
6.
FLASHCARD QUESTION
Front
Why did your economist friend scoff at the idea of a "free lunch"?
Back
TNSTAAFL (every choice involves a trade-off)
7.
FLASHCARD QUESTION
Front
Which market structure makes up the majority of world economies?
Back
Mixed Economy
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