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94 Cards in this Set

  • Front
  • Back
not enough of a certain resourse to satisfy people's needs and wants
Scarcity
the study of how people, businesses, and governments choose to use their limited resourses
Economics
things that can be seen, touch, bought, or sold
Goods
an activity performed for others for money, such as teaching
Service
the four things needed to produce goods and services: natural resourses, labor, capital, and entrepreneurs
Factors of production
something provided by nature, such as wood, that can be used to produce goods and services
Natural resource
workers
Labor
human made items, such as machines that are used to produce goods and services
Capital
a person who comes up with ideas to produce goods and services
Entrepreneur
whatever is given up when a choice must be made:trade-off
Opportunity cost
the use of resources to produce only a single good or a few kinds of goods and services
Specialization
the amount of goods and services produces by a worker or business in a given time period
Productivity
the use of science to create new or better goods and services
Technology
the amount of a good or service that consumers are willing and able to buy at different prices
Demand
The economic law which states that consumers will buy more of a good or services as the price goes down
Law of demand
a diagram that shows the relationship between two or more sets of things
Graph
the line on a graph that represents the amount of a good or service that consumers will buy at different prices
Demand curve
the amount of money that a person makes in a certain period of time
Income
goods that can take the place of one another
Substitute goods
goods that are used with each other
Complimentry goods
the way that a country or culture produces and distributes goods and services
Economic system
an economic system bases on past ways of life and culture
Traditional system
an economic system in which the individuals controls the production and distribution of goods and services
Market system
a person who buys goods and services
Consumer
the money made by a business, after all costs have been paid
Profit
an economic system in which the government controls the production and distribution of goods and services
Command system
an economic system that includes both private and government control of some services and industries
Mixed system
a way to measure how well the needs and wants of citizens are being met
Standard of living
a person responsible for directing and managing a business
Executive
the economic law which states that producers are willing to supply more of a good or service as the price becomes higher
Law of supply
something that encourges people to work harder or to produce more
Incentive
the line on a graph that represents the amount of a good or service that producers are willing and able to buy at different prices
Supply curve
the amount of a good or service that producers are willing and able to produce at different prices
Supply
cost of things such as natural resources, capital, and labor, which must be paid by producers
Cost of production
to cross at a point
Intersect
the price at which the amount demanded equals the amount supplied
Equilibrium price
what happens when, at a given price, more of a good or service availiable than people want to buy
Surplus
products that a business has in stock and that are ready to be sold
Inventory
what happens when, at a given price, people want to buy more of a good or service than is availiable
Shortage
the flow of payments for goods or services between house holds or businesses
circular flow of income
money brought in by a business
Revenue
the result when a producers total costs are greater than total revenues; the opposite of profit
Loss
a business owned by one person
Sole proprietorship
a business owned by stockholders
corporation
a share ownership in a corporation
stock
a diagram that shows the relationship between two or more sets of things
Graph
the line on a graph that represents the amount of a good or service that consumers will buy at different prices
Demand curve
the amount of money that a person makes in a certain period of time
Income
goods that can take the place of one another
Substitute goods
goods that are used with each other
Complimentry goods
the way that a country or culture produces and distributes goods and services
Economic system
an economic system bases on past ways of life and culture
Traditional system
an economic system in which the individuals controls the production and distribution of goods and services
Market system
a person who buys goods and services
Consumer
the money made by a business, after all costs have been paid
Profit
an economic system in which the government controls the production and distribution of goods and services
Command system
an economic system that includes both private and government control of some services and industries
Mixed system
a way to measure how well the needs and wants of citizens are being met
Standard of living
a person responsible for directing and managing a business
Executive
the economic law which states that producers are willing to supply more of a good or service as the price becomes higher
Law of supply
a diagram that shows the relationship between two or more sets of things
Graph
the line on a graph that represents the amount of a good or service that consumers will buy at different prices
Demand curve
the amount of money that a person makes in a certain period of time
Income
goods that can take the place of one another
Substitute goods
goods that are used with each other
Complimentry goods
the way that a country or culture produces and distributes goods and services
Economic system
an economic system bases on past ways of life and culture
Traditional system
an economic system in which the individuals controls the production and distribution of goods and services
Market system
a person who buys goods and services
Consumer
the money made by a business, after all costs have been paid
Profit
an economic system in which the government controls the production and distribution of goods and services
Command system
an economic system that includes both private and government control of some services and industries
Mixed system
a way to measure how well the needs and wants of citizens are being met
Standard of living
a person responsible for directing and managing a business
Executive
the economic law which states that producers are willing to supply more of a good or service as the price becomes higher
Law of supply
a diagram that shows the relationship between two or more sets of things
Graph
the line on a graph that represents the amount of a good or service that consumers will buy at different prices
Demand curve
the amount of money that a person makes in a certain period of time
Income
goods that can take the place of one another
Substitute goods
goods that are used with each other
Complimentry goods
the way that a country or culture produces and distributes goods and services
Economic system
an economic system bases on past ways of life and culture
Traditional system
an economic system in which the individuals controls the production and distribution of goods and services
Market system
a person who buys goods and services
Consumer
the money made by a business, after all costs have been paid
Profit
an economic system in which the government controls the production and distribution of goods and services
Command system
an economic system that includes both private and government control of some services and industries
Mixed system
a way to measure how well the needs and wants of citizens are being met
Standard of living
a person responsible for directing and managing a business
Executive
the economic law which states that producers are willing to supply more of a good or service as the price becomes higher
Law of supply
a person who buys stock in a corporation
Stockholder
a share in a corporations profit that is paid to a stockholder
Dividend
a business arrangement in which a large business chain allows another person to opperate an outlit
Franchise
to use money to earn interest or income
Invest