What is the economy?
12.12 Economics Review
Flashcard
•
Social Studies
•
7th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
The way goods and services are produced and consumed
2.
FLASHCARD QUESTION
Front
What motivates producers to produce and sell goods or services?
Back
Profit
3.
FLASHCARD QUESTION
Front
What is the role of consumers in the economy?
Back
Acquiring goods and services for personal use
4.
FLASHCARD QUESTION
Front
What type of economy does the United States have?
Back
Market economy
5.
FLASHCARD QUESTION
Front
What is the process of developing newer, better things called?
Back
Innovation
6.
FLASHCARD QUESTION
Front
What are the main factors that determine the cycle of ups and downs in a market economy?
Back
Supply and demand
7.
FLASHCARD QUESTION
Front
What is the benefit given up by choosing to do one thing instead of another called?
Back
Opportunity cost
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