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19 Cards in this Set
- Front
- Back
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Economics |
The study of how people meet their wants and needs. |
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Scarcity |
Having limited quantity of resources to meet unlimited wants. |
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Opportunity Cost |
The cost of what you have to give up. |
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Demand |
The desire for a certain good or service. |
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Supply |
The amount of a good or service that is available for use. |
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Producers |
People or business that make and sell products. |
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Consumers |
People or business that buy or consume or produce. |
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Incentive |
A factor that encourages people to act in a certain way. |
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Market |
Organized way for producers and consumers to trade goods and services. |
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Profit |
The money a company has left after subtracting the cost of doing business. |
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Revenue
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Money earned by selling goods and services. |
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Specialization |
The act of concentrating on a limited number of goods or activities. |
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Competition |
Struggle among producers for consumers money. |
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Inflation |
General increase in prices. |
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Recession |
Decline in economic for 6 or more months in a row. |
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Traditional Economy |
Economy in which people make economic decision based on customs and habits. |
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Market Economy |
Economy in which individual producers and consumers make economic decisions |
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Command Economy |
Economy in which the central government makes all economic decisions
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Mixed Economy |
Economy that combines traditional. market, and command economic systems.
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