Economics can be described as the study of
Economics: Choices & Scarcity

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Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Choices
2.
FLASHCARD QUESTION
Front
The condition of scarcity can be described as one that exists when our unlimited needs/wants exceed our limited resources.
Back
exists when our unlimited needs/wants exceed our limited resources
3.
FLASHCARD QUESTION
Front
FOP refers to
Back
Factors of Production
4.
FLASHCARD QUESTION
Front
The 4 Factors of Production (FOP) are
Back
land, labor, capital, entrepreneurship
5.
FLASHCARD QUESTION
Front
Why do entrepreneurs take risks?
Back
to earn a profit for themselves
6.
FLASHCARD QUESTION
Front
The crops and animals on a farm are examples of which factor of production?
Back
Land
7.
FLASHCARD QUESTION
Front
Opportunity cost (OC) can be described as
Back
all of these answers are examples of opportunity cost (OC)
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