
Basic Economics Concepts
Flashcard
•
Other
•
6th - 7th Grade
•
Easy
Melanie Harrington
Used 1+ times
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11 questions
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1.
FLASHCARD QUESTION
Front
Economics
Back
Involves making choices about how you satisfy your needs and wants.
2.
FLASHCARD QUESTION
Front
The economic problem
Back
The situation where we have limited resources but unlimited wants.
3.
FLASHCARD QUESTION
Front
Opportunity Cost
Back
The thing you give up when you choose something else.
4.
FLASHCARD QUESTION
Front
Goods
Back
Things that you buy that you can see and touch.
5.
FLASHCARD QUESTION
Front
Services
Back
Where people do things for you, or let you use something.
6.
FLASHCARD QUESTION
Front
Needs
Back
Things that are necessary for survival.
7.
FLASHCARD QUESTION
Front
Wants
Back
Things we would like to have, but that are not necessary.
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