
Economics Unit 1
Flashcard
•
History
•
10th Grade
•
Practice Problem
•
Hard
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21 questions
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1.
FLASHCARD QUESTION
Front
What is the study of how people make choices to use limited resources to meet their wants and needs?
Back
Economics
2.
FLASHCARD QUESTION
Front
What are things we would like to have but can live without?
Back
Wants
3.
FLASHCARD QUESTION
Front
What are things we must have to survive, like food, water, and shelter?
Back
Needs
4.
FLASHCARD QUESTION
Front
What is the basic problem that resources are limited, but our wants are unlimited?
Back
Scarcity
5.
FLASHCARD QUESTION
Front
What are the resources used to make goods and services?
Back
Factors of production
6.
FLASHCARD QUESTION
Front
What are tools, machines, and buildings used to produce goods and services called?
Back
Capital
7.
FLASHCARD QUESTION
Front
What are rewards or punishments that influence people’s choices called?
Back
Incentives
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