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21 Cards in this Set
- Front
- Back
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Someone who uses goods and services is? |
A consumer |
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What is the study of the manufacture, distribution, sale, and use of goodsand services? (Hint: It's the course you're taking. :) ) |
Economics |
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Items that are used in the production of goods (e.g. land, money, etc.) are called what? |
Capital Resources |
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What is another name for a business owner? |
Entrepreneur |
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Materials that are produced forpeople to buy are called? |
Goods |
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People with skills who do a job are? |
Human Resources |
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What are things in nature for which man has found use called? |
Natural Resources |
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The things you give up when makinga choice between two things are called? |
Opportunity Costs |
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A person who makes goods orprovides services is called? |
Producer |
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When there are not enough goodsand services to satisfy the wants andneeds of the people, what is the end result? |
Scarcity |
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Jobs that people do for other peoplein return for pay are called? |
Services |
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When people do the jobs that theyare interested in and do best, it is called: |
Specialization |
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The act of trading goods and services between two or more parties without the use of money is called a? |
Barter |
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A durable good that is used in the production of goods or services is called a? |
Capital Good |
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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 |
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An expert in economics is an? |
Economist |
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The process of making something known worldwide is called? |
Globalization |
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The part of economics concerned with single factors and the effects of individual decisions is called? |
Microeconomics |
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The part of economics concerned with large- scale or general economic factors, such as interest rates and national productivity is called? |
Macroeconomics |
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A current medium of exchange in the form of coins and banknotes is called? |
Money |
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The total satisfaction received from consuming a good or service is called a? |
Utility |
