
Economic Concepts Flashcards

Flashcard
•
Business
•
11th Grade
•
Hard
Ganbileg Galbadrakh
FREE Resource
Student preview

112 questions
Show all answers
1.
FLASHCARD QUESTION
Front
A need
Back
A good or service essential for living
2.
FLASHCARD QUESTION
Front
A want
Back
A good or service people would like to have, but which is not essential for living
3.
FLASHCARD QUESTION
Front
Economic Problem
Back
Unlimited wants but limited resources to produce goods and services
4.
FLASHCARD QUESTION
Front
Factors of production
Back
Resources needed to produce goods and services; limited in supply
5.
FLASHCARD QUESTION
Front
Scarcity
Back
Lack of sufficient products to fulfill total wants of the population
6.
FLASHCARD QUESTION
Front
Opportunity cost
Back
The next best alternative given up by choosing another item
7.
FLASHCARD QUESTION
Front
Specialization
Back
Occurs when people and businesses concentrate on what they are best at
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