What is economics?

Economics Study Guide Flashcards

Flashcard
•
Social Studies
•
12th Grade
•
Hard
James Byrd
FREE Resource
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25 questions
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1.
FLASHCARD QUESTION
Front
Back
The study of how people choose to use resources.
2.
FLASHCARD QUESTION
Front
What is scarcity? Please give an example.
Back
Scarcity refers to the limited nature of society's resources. Example: Water in a drought.
3.
FLASHCARD QUESTION
Front
Differentiate between need and want.
Back
Needs are essential for survival (food, shelter), while wants are desires for non-essential items.
4.
FLASHCARD QUESTION
Front
What are the four factors of production? Be able to define each and give an example.
Back
1. Land: natural resources (e.g., minerals). 2. Labor: human effort (e.g., workers). 3. Capital: tools and machinery (e.g., factories). 4. Entrepreneurship: the ability to combine resources to create goods.
5.
FLASHCARD QUESTION
Front
What is the paradox of value? Be able to give an example.
Back
The paradox of value refers to the situation where some necessities have a low monetary value, while non-essentials have a high value. Example: Water vs. diamonds.
6.
FLASHCARD QUESTION
Front
What is wealth? Be able to identify the four elements of it.
Back
Wealth is the accumulation of valuable resources or goods. Four elements: property, money, stocks, and bonds.
7.
FLASHCARD QUESTION
Front
What does TINSTAAFL stand for?
Back
There Is No Such Thing As A Free Lunch.
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