Econ Unit 1 Fundamental
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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16 questions
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1.
FLASHCARD QUESTION
Front
In economics, scarcity relates most directly to situations in which manufacturers lack raw materials needed to satisfy demand.
Back
manufacturers lack raw materials needed to satisfy demand
2.
FLASHCARD QUESTION
Front
What are land resources?
Back
Soil, mineral deposits, forests and other raw materials
3.
FLASHCARD QUESTION
Front
In a free enterprise system, what motivates individuals to start a business?
Back
Desire to earn a profit
4.
FLASHCARD QUESTION
Front
What is opportunity cost?
Back
Amount of one product that must be given up to produce one more unit of another product
5.
FLASHCARD QUESTION
Front
What is marginal cost?
Back
Extra or additional cost of producing one more unit of a good
6.
FLASHCARD QUESTION
Front
When do rational decisions occur in economics?
Back
Marginal benefits of an action equal or exceed the marginal cost.
7.
FLASHCARD QUESTION
Front
Which of these is a negative incentive? Earning a paycheck, Gambling winnings, Bonuses, Fines
Back
Fines
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