Economics Concepts

Economics Concepts

Assessment

Flashcard

Other

9th - 12th Grade

Practice Problem

Easy

Created by

Myron Wilder

Used 1+ times

FREE Resource

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14 questions

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1.

FLASHCARD QUESTION

Front

Opportunity Costs

Back

The loss of potential gain from other alternatives when one alternative is chosen.

2.

FLASHCARD QUESTION

Front

Law of Diminishing Marginal Returns

Back

As more of a variable input is added to a fixed input, the additional output produced from each additional unit of input eventually decreases.

3.

FLASHCARD QUESTION

Front

Specialization

Back

The process of concentrating on and becoming expert in a particular subject or skill.

4.

FLASHCARD QUESTION

Front

Utility

Back

A measure of satisfaction or benefit derived from consuming goods and services.

5.

FLASHCARD QUESTION

Front

Land, Labor and Capital

Back

The three factors of production used to create goods and services.

6.

FLASHCARD QUESTION

Front

Relationship between Productivity and Costs

Back

As productivity increases, the cost per unit of output typically decreases.

7.

FLASHCARD QUESTION

Front

Voluntary Exchange

Back

A transaction where both parties agree to trade goods or services freely.

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