Economics
Basic Economics Terms

Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
Cyndy Harrison
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16 questions
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1.
FLASHCARD QUESTION
Front
Back
The study of how individuals and societies allocate limited resources to satisfy unlimited wants.
2.
FLASHCARD QUESTION
Front
Scarcity
Back
The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.
3.
FLASHCARD QUESTION
Front
Opportunity Cost
Back
The loss of potential gain from other alternatives when one alternative is chosen.
4.
FLASHCARD QUESTION
Front
Incentives
Back
Factors that motivate individuals and firms to make decisions in their best interest.
5.
FLASHCARD QUESTION
Front
Marginal Cost
Back
The cost of producing one additional unit of a good.
6.
FLASHCARD QUESTION
Front
Macroeconomics
Back
The branch of economics that studies the behavior and performance of an economy as a whole.
7.
FLASHCARD QUESTION
Front
Microeconomics
Back
The branch of economics that studies individual agents and markets, like households and firms.
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