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