Economics Concepts and Theories

Economics Concepts and Theories

Assessment

Flashcard

Other

7th Grade

Hard

Created by

Iliana Megel

FREE Resource

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43 questions

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1.

FLASHCARD QUESTION

Front

Microeconomics

Back

The study of individual people, businesses, and industries in the economy. It looks at decisions made by consumers and producers and how they interact.

2.

FLASHCARD QUESTION

Front

Macroeconomics

Back

The study of the economy as a whole, including national issues like inflation, unemployment, and economic growth.

3.

FLASHCARD QUESTION

Front

John Maynard Keynes

Back

An influential economist who believed that government spending could help stabilize the economy during downturns and prevent depressions.

4.

FLASHCARD QUESTION

Front

Wants

Back

Things people desire but don't need for survival, such as a new phone or vacation.

5.

FLASHCARD QUESTION

Front

Needs

Back

Essential things people must have for survival, like food, water, and shelter.

6.

FLASHCARD QUESTION

Front

Goods

Back

Physical items that satisfy people’s wants or needs, like cars, clothes, or food.

7.

FLASHCARD QUESTION

Front

Services

Back

Activities that satisfy people’s wants or needs, like teaching, healthcare, or entertainment.

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