The inability to satisfy all wants at the same time

Economic Principles and Systems

Flashcard
•
Social Studies
•
7th - 8th Grade
•
Easy
Stanley Maletz
Used 2+ times
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62 questions
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1.
FLASHCARD QUESTION
Front
Back
SCARCITY
2.
FLASHCARD QUESTION
Front
People have to make choices because
Back
RESOURCES ARE LIMITED
3.
FLASHCARD QUESTION
Front
Name four types of resources
Back
NATURAL, HUMAN, CAPITAL, AND ENTREPRENEURSHIP
4.
FLASHCARD QUESTION
Front
That which is given up when a choice is made is called _____ _____
Back
OPPORTUNITY COST
5.
FLASHCARD QUESTION
Front
The amount of money exchanged for a good or service is the _____
Back
PRICE
6.
FLASHCARD QUESTION
Front
_____ are used to change economic behavior
Back
INCENTIVES
7.
FLASHCARD QUESTION
Front
What determines price?
Back
INTERACTION OF SUPPLY AND DEMAND
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