CE 11a Economics Flashcard

Front

What is scarcity?

Back

The inability to satisfy all wants at the same time

Front

What is opportunity cost?

Back

What is given up when a choice is made

Front

What are the types of resources used in the production of goods and services?

Back

Natural, human, capital, and entrepreneurship

Front

What determines the price of a good or service?

Back

The interaction of supply and demand

Front

What is the amount of a good or service that consumers are willing and able to buy at a certain price called?

Back

Demand

Front

What is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services called?

Back

Production

Front

What is the using of goods and services called?

Back

Consumption

Front

What type of economy relies on economic decisions based on custom and historical precedent?

Back

Traditional economy

Front

What type of economy has minimal government involvement and individual choice?

Back

Free market economy

Front

What type of economy has both private and public sectors with government involvement greater than a free market economy but less than a command economy?

Back

Mixed economy