Deck num 2

Question 1

scarcity def?

Answer 1

The inability to satisfy all wants at the same time.

Question 2

choice

Answer 2

selection of an item or action from a set of possible alternatives.

Question 3

price

Answer 3

Amount of money exchanged for a good or service.

Question 4

supply and demand

Answer 4

interaction of these two determines price.

Question 5

consumption

Answer 5

using goods and services.

Question 6

resources

Answer 6

Factors of production that are used in the production of goods and services.

Question 7

opportunity cost

Answer 7

what is given up when a choice is made the highest valued alternative is forgone.

Question 8

incentives

Answer 8

things that incite or motivate.

Question 9

production

Answer 9

combing of human, natural, capital, and entrepreneurship resources to make goods or provide services.

Question 10

First amendment freedoms

Answer 10

Religion
speech
press
assembly
petition

Question 11

Duties of citizens

Answer 11

serve on a jury or as a witness in court, when summoned.
obey laws
pay taxes
serve in the armed forces if called