AP Macro Unit 1 Review

Flashcard
•
Social Studies
•
11th - 12th Grade
•
Hard
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23 questions
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1.
FLASHCARD QUESTION
Front
__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.
Back
Economics
2.
FLASHCARD QUESTION
Front
___________ The actual thing you gave up to have something else. Everything has a cost
Back
Opportunity Cost
3.
FLASHCARD QUESTION
Front
Individuals who come up with a new idea for a good or service, then they make it a reality
Back
entrepreneur
4.
FLASHCARD QUESTION
Front
Something we use from nature
Back
natural resource
5.
FLASHCARD QUESTION
Front
The idea that resources are limited; we don't have an unlimited supply of what we want
Back
scarcity
6.
FLASHCARD QUESTION
Front
Human-made materials used to produce goods and services.
Back
capital
7.
FLASHCARD QUESTION
Front
An economy where the government controls the factors of production resources.
Back
command
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