3.1.1 Economic foundations
0.0(0)
Studied by 2 people0.0(0)
Call with Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/12
There's no tags or description
Looks like no tags are added yet.
Last updated 7:49 PM on 12/16/25
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
13 Terms
1
New cards
What is the economic problem?
unlimited wants but only limited/scarce resources
2
New cards
What is a need?
Something we must have to survive
3
New cards
What is a want?
A desire, it's not essential
4
New cards
What is scarcity?
We don't have infinite resources
5
New cards
What is opportunity cost?
next best alternative foregone
6
New cards
What is a good?
Tangible and physical product
7
New cards
What is a service?
intangible and non=physical
8
New cards
Economic groups
consumer, producer, gov
9
New cards
consumers
use products and services
10
New cards
producers
provide goods and services
11
New cards
government
decides how g/s are distributed
12
New cards
types of economies
planned, free market, mixed
13
New cards
Factors of production
Capital, entrepreneurship, land, labour
Note 
Flashcards (126)