Unit 1: Intro to Economics

Front

What is scarcity?

Back

The condition that results from having unlimited wants with limited resources.

Front

What is choice?

Back

The act of picking or deciding

Front

Economics is

Back

the study of how people produce distribute and use goods and services.

Front

The place where goods and services are exchanged

Back

market

Front

Something you can't live without

Back

Need

Front

What is one of the functions of money?

Back

Medium of exchange

Front

Why was money used?

Back

Avoid the limitations of bartering

Front

Many economists think that pure competition is the best market structure for ____.

Back

buyers

Front

In the United States, which form of market does the government attempt to control? Options: oligopoly, monopoly, pure competition, money being used

Back

monopoly

Front

What is the primary purpose of a market?

Back

To facilitate the exchange of goods and services