It is a social science that examines how people choose among the alternatives available to them.
Introduction to Economics

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Business
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9th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Economics
2.
FLASHCARD QUESTION
Front
It is the branch of economics that focuses on the choices made by individual decision-making units in the economy typically consumers and firms and the impacts those choices have on individual markets.
Back
Microeconomics
3.
FLASHCARD QUESTION
Front
It is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity. It analyzes the broad aspects of a country’s economy.
Back
Macroeconomics
4.
FLASHCARD QUESTION
Front
It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite.
Back
Scarcity
5.
FLASHCARD QUESTION
Front
It is your second choice-what you give up when you make a decision.
Back
Opportunity Cost
6.
FLASHCARD QUESTION
Front
The decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought.
Back
Choices
7.
FLASHCARD QUESTION
Front
The natural resources that people use: Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth.
Back
Land
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