Basic Economic Concepts - Year 8

Basic Economic Concepts - Year 8

Assessment

Flashcard

Other

8th Grade

Practice Problem

Medium

Created by

Melanie Turner

Used 2+ times

FREE Resource

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36 questions

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1.

FLASHCARD QUESTION

Front

Things that you buy that you can see and touch.

Back

Goods

2.

FLASHCARD QUESTION

Front

Where people do things for you, or let you use something.

Back

Services

3.

FLASHCARD QUESTION

Front

Things that are necessary for survival.

Back

Needs

4.

FLASHCARD QUESTION

Front

Things we would like to have, but that are not necessary.

Back

Wants

5.

FLASHCARD QUESTION

Front

The situation where we have limited resources but unlimited wants.

Back

The economic problem

6.

FLASHCARD QUESTION

Front

The resources that are used to produce goods and services. Sometimes called Factors of Production.

Back

Economic resources

7.

FLASHCARD QUESTION

Front

The efforts made by people to produce goods and services. Includes labour and enterprise.

Back

Human Resources

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