
Unit #1 - Intro to Economics
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Robyn Kubik
Used 5+ times
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61 questions
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1.
FLASHCARD QUESTION
Front
Scarcity
Back
Limited resources and unlimited wants (e.g., not enough water during a drought).
2.
FLASHCARD QUESTION
Front
Factors of Production
Back
Land, labor, capital (physical and human), entrepreneurship.
3.
FLASHCARD QUESTION
Front
Microeconomics
Back
Study of individuals, households, and businesses (e.g., how Walmart sets prices).
4.
FLASHCARD QUESTION
Front
Macroeconomics
Back
The study of the entire economy (e.g., measuring GDP growth).
5.
FLASHCARD QUESTION
Front
Trade-off
Back
Giving up one thing to gain another (e.g., working instead of watching Netflix).
6.
FLASHCARD QUESTION
Front
Cost-Benefit Principle
Back
Compare costs and benefits before deciding (e.g., is the $5 latte worth it?).
7.
FLASHCARD QUESTION
Front
Opportunity Cost
Back
The value of the next-best alternative given up (e.g., skipping a party to study).
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