Econ: Lesson 1: The Three Key Economic Questions
0.0(0)
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/6
There's no tags or description
Looks like no tags are added yet.
Last updated 11:55 PM on 8/31/26
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
7 Terms
1
New cards
Economic System
The structure of methods and principles that a society uses to produce and distribute goods and services.
2
New cards
Factor Payments
The income people receive in return for supplying factors of production.
3
New cards
Profit
The amount of money a business receives in excess of its expenses.
4
New cards
Safety Net
A set of goverment programs that protect people who face unfavorable economic conditions.
5
New cards
Standard of Living
Level of economic prosperity
6
New cards
Innovation
The process of brining new methods, products, or ideas into use.
7
New cards
Traditional Economy
An economic system that relies on habit, custom, or ritual to decide the three basic economic questions.