What is economics?

Economics Study Guide Flashcards

Flashcard
•
Social Studies
•
12th Grade
•
Hard
James Byrd
FREE Resource
Student preview

25 questions
Show all answers
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.
Create a free account and access millions of resources
Similar Resources on Quizizz
20 questions
ECON - Unit 1 Practice Test

Flashcard
•
KG - University
21 questions
Factors of Production

Flashcard
•
12th Grade
21 questions
Scarcity & Economic Reasoning

Flashcard
•
12th Grade
20 questions
Economics

Flashcard
•
11th - 12th Grade
20 questions
Economics

Flashcard
•
11th - 12th Grade
20 questions
W1_Econ: Scarcity & FOPs

Flashcard
•
12th Grade
20 questions
Economics Chapter 1

Flashcard
•
12th Grade
18 questions
Gross Domestic Product

Flashcard
•
12th Grade
Popular Resources on Quizizz
15 questions
Multiplication Facts

Quiz
•
4th Grade
20 questions
Math Review - Grade 6

Quiz
•
6th Grade
20 questions
math review

Quiz
•
4th Grade
5 questions
capitalization in sentences

Quiz
•
5th - 8th Grade
10 questions
Juneteenth History and Significance

Interactive video
•
5th - 8th Grade
15 questions
Adding and Subtracting Fractions

Quiz
•
5th Grade
10 questions
R2H Day One Internship Expectation Review Guidelines

Quiz
•
Professional Development
12 questions
Dividing Fractions

Quiz
•
6th Grade