Ch 1 Test – What Is Economics: Economics AGS – Flashcards
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The work people do is a resource called ______.
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labor
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Work people do for other people for a fee is called ______.
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service
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Scarcity is a problem of limited resources but unlimited ______.
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needs and wants
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The cost of trade-offs is called a ______.
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opportunity cost
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All the combinations of goods and services that can be produced are referred to as ______.
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production possibilities
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Water and minerals are examples of ______.
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natural resources
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Splitting a job into parts is called ______.
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division of labor
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Natural resources are ______ found on Earth.
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raw materials
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Economics is the study of how people and countries make decisions about using ______.
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resources
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Wants are not necessary for survival but can make our lives ______.
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better
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Limited resources but unlimited wants create ______.
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scarcity
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Buying a basketball instead of taking a friend to a movie is an example of a(n) ______.
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friendship
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Production ______ are combination of goods and services that can be produced from a fixed amount of resources in a given period of time.
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possibilities
