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