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;
18 Cards in this Set
- Front
- Back
|
capital |
man-made resource used to make something else |
|
|
Command and control economy |
An economic system where one organization decides how to allocate resources, what to produce, and what to charge for products |
|
|
Deflation |
A general decrease in the prices of goods and services; usually associated with too many good and not enough money in circulation |
|
|
Demand [and Supply] |
For a certain product or service, what quantity buyers will be wiling to buy at each unit price |
|
|
Economics |
The study of the production, distribution, and consumption of goods and services |
|
|
Free enterprise |
An economic system where private individuals or privately owned businesses own capital and decide how to use it |
|
|
Inflation |
A general increase in the prices of goods and services; usually associated with too much money chasing too few goods |
|
|
Interest [and Principal] |
The price charged for borrowing money |
|
|
Labor |
The effort expended by paid workers; the workers themselves |
|
|
Liquidity |
How easily something of value can be traded |
|
|
Loss [and Profit] |
Excess of money spent over money earned |
|
|
Principal [and Interest] |
The amount of money borrowed by a debtor from a lender (conversely, the amount of money loaned by a lender to a debtor) |
|
|
Private property |
Property owned by private individuals or privately owned businesses |
|
|
Profit [and Loss] |
Excess of money earned over money spent |
|
|
Profit motive |
Working or engaging in commerce for your own self-interest to make money |
|
|
Public property |
Property owned by the government |
|
|
Scarcity |
The fundamental economic problem, that there are not enough resources to satisfy all our needs and wants. |
|
|
Supply [and Demand] |
For a certain product or service, what quantity sellers will be willing to produce at each unit price |
