Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
barter
|
the direct exchange of one set of goods or services for another
|
|
|
budget
|
a plan for income and spending
|
|
|
capital
|
any human-made resource that is used to create other goods or services
|
|
|
communism
|
a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
|
|
|
currency
|
coins and paper bills used as money
|
|
|
depression
|
a recession that is especially long and severe
|
|
|
developed nation
|
industrialized country with a higher average level of material well-being
|
|
|
economic system
|
the method used by a society to produce and distribute goods and services
|
|
|
entrepeneur
|
ambitious leader who combines land, labor, and capital to create and market new goods or services
|
|
|
export
|
a good that is sent to another country for sale
|
|
|
free enterprise
|
an economic system that permits the conduct of business with minimal government intervention
|
|
|
goods
|
physical objects such as clothes or shoes
|
|
|
import
|
a good that is brought in from another country for sale
|
|
|
industrialization
|
the extensive organization of an economy for the purpose of manufacturing
|
|
|
inflation
|
a general decrease in prices
|
|
|
law of demand
|
economic law that states that consumers buy more of a good when its price decreases and less when its price increases
|
|
|
law of supply
|
tendency of suppliers to offer more of a good at a higher price
|
|
|
market
|
an arrangement that allows buyers and sellers to exchange things
|
|
|
market economy
|
economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
|
|
|
mixed economy
|
economic system that combines tradition and the free market with limited government involvement
|
|
|
opportunity cost
|
the most desirable alternative given up as the result of a decision
|
|
|
recession
|
a prolonged economic contraction
|
|
|
scarcity
|
limited quantities of resources to meet unlimited wants
|
|
|
socialism
|
a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
|
|
|
tariff
|
a tax on imported goods
|
|
|
tax
|
a required payment to a government
|
|
|
traditional economy
|
economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
|
|
|
welfare
|
government aid to the poor
|
