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21 Cards in this Set

  • Front
  • Back

Someone who uses goods and services is?

A consumer

What is the study of the manufacture, distribution, sale, and use of goodsand services? (Hint: It's the course you're taking. :) )

Economics

Items that are used in the production of goods (e.g. land, money, etc.) are called what?

Capital Resources

What is another name for a business owner?

Entrepreneur

Materials that are produced forpeople to buy are called?

Goods

People with skills who do a job are?

Human Resources

What are things in nature for which man has found use called?

Natural Resources

The things you give up when makinga choice between two things are called?

Opportunity Costs

A person who makes goods orprovides services is called?

Producer

When there are not enough goodsand services to satisfy the wants andneeds of the people, what is the end result?

Scarcity

Jobs that people do for other peoplein return for pay are called?

Services

When people do the jobs that theyare interested in and do best, it is called:

Specialization

The act of trading goods and services between two or more parties without the use of money is called a?

Barter

A durable good that is used in the production of goods or services is called a?

Capital Good

An agreement between a buyer and a seller in which the buyer receives the good or service in advance and makes payment later,often over time and usually with interest is called?

Credit

An expert in economics is an?

Economist

The process of making something known worldwide is called?

Globalization

The part of economics concerned with single factors and the effects of individual decisions is called?

Microeconomics

The part of economics concerned with large- scale or general economic factors, such as interest rates and national productivity is called?

Macroeconomics

A current medium of exchange in the form of coins and banknotes is called?

Money

The total satisfaction received from consuming a good or service is called a?

Utility