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30 Cards in this Set
- Front
- Back
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GOODS |
Physical items that you purchase. Tangible items. |
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SERVICES |
Any activity that people do for a fee. Not tangible. |
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CONSUMER |
Buys the goods or services |
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PRODUCER |
Uses resources to to make goods or provide a service. |
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All producers are consumers, but......... |
not all consumers are producers. |
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Resources |
A person, asset, material, or capital which can be used to accomplish a goal. |
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What are the three types of resources? |
Natural, Human, and Capital |
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Natural Resources |
Things found in the natural world that are used for goods and services. |
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Human Resources |
The people that actually do the labor. |
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Capital Resources |
Man made things |
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Scarcity |
When people need and want more than the available resources that can provide. |
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Choice |
An economic choice requires choosing among alternatives. |
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Trade-off |
Something that is given up to something else. |
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Opportunity Benefit |
The gain related to requiring your your first choice among several mutually exclusive choices. |
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Opportunity Cost |
The cost related to the next best choice available to someone who has picked among several mutually exclusive choices. |
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Cost Benefit Analysis |
All predicted costs weighed against the predicted benefit of an economic choice. |
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Supply |
The quantity of a good or service offered for a sale. |
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Demand |
The quantity of a good or service customers are willing and able to buy |
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Equilibrium Price |
The point at which the supply and demand curves meet |
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Traditional economy |
Customs, habits, and beliefs determine how the four basic economic questions are answered |
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Command economy |
The government controls the economy and answers the four basic economic questions |
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Market economy |
Individuals answer the four basic economic questions based on supply and demand |
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Profit |
The amount left after costs are subtracted from the price |
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Tariff |
A tax placed on goods imported to the country |
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Economic indicators |
Economic information used to measure the economy |
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consumer price index |
An economic indicator that measures whether prices of goods and services have risen or fallen in comparison to previous months. |
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Gross domestic product |
An economic indicator that measures a total volume of the final goods and services produced in the US |
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Inflation |
An increase price for goods and services |
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Unemployment |
A group of people who are out of work and looking for jobs |
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Poop |
Poop |
