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17 Cards in this Set
- Front
- Back
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Labor |
ability to work, workers |
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Capital |
is the money to run a business |
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Entrepreneurship |
the people who create a company and take risks to run a business |
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Supply |
is the amount of goods and services that are wanted to be sold |
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demand |
the goods or services that are wanted for purchase or use |
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opportunity cost |
what you give up to make or buy something |
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traditional economy |
economy system in which custom decides what the economy will do |
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recession |
slow down in economic growth or decline |
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inflation |
to much rise in price or supply of money |
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Exports |
out |
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Import |
in |
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Barter |
Trading one good or service for another without money |
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Globalization |
Trade between countrys |
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Business Cycles |
The up times and down times of an economy |
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Scarcity |
lack of resources |
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Market Economy |
is when individuals make choices in what to make sell or buy |
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Mixed Economy |
government has some control over what is made or sold |
