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28 Cards in this Set

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  • Back
Barter
Trading of goods and services without the use of money.
Capital
The man-made resources used in the production of goods and services including plants, tools, and machinery
Capitalism
An economic system based on private ownership of factors of production.
Competition
Two or more individuals or firms each attempting to secure the business of a third individual or firm by offering the most favorable terms.
Consumer
One that uses economic goods.
Corporation
A firm in which the ownership is divided into equal parts called shares, with each shareholder's liability limited to the amount of his or her investment in the firm.
Currency
Coins and paper money.
Demand
The quantities of goods or services that people will want to buy at various prices.
Economics
The study of how individuals and society choose to use scarce resources to satisfy wants.
Entrepreneur
A person who assumes the responsibilities of organization, management, and risk in a productive enterprise.
Equilibrium
(of supply and demand)
The price and quantity of a good such that the quantity supplied is equal to the quantity demanded.
Factors of production
The basic inputs of natural resources, labor, and capital used in production of all goods.
Inflation
Generally rising prices for goods and services.
Labor
The human contributions to the economic process.
Land
An economic factor of production, referring to all natural resources.
Market
A market is a medium in which buyers and sellers interact, in which the exchange goods, services, and securities for money or other items of value.
Money
Any generally accepted medium of exchange.
Monopoly
A single producer of a good or service.
Opportunity cost
The value of the best alternative given up when a decision is made to use resources to produce a particular good or service.
Partnership
A firm formed by two or more persons to carry on a business as co-owners.
Profit
The excess of the selling price of goods over their cost; A gain.
Proprietorship
A firm owned and usually managed by a single person.
Recession
A period of reduced economic activity.
Resource
A source of supply or support; Available means; An immediate or possible source of revenue
Scarcity
Limited resources in relation to relatively unlimited wants.
Supply
The quantities of a good or service that producers will want to sell at various prices.
Unearned Income
Money someone gets from sources other than working.
Wages
Money paid to an employee for a job.