Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Economics |
The study of how products and services are made and distributed (handed out). What products and services should we make?How do we make them?Who gets them? |
|
|
Supply |
The amount of a certain product or service that is available. Ex: The “supply” of milk is high. The “supply” of gold is low. |
|
|
Demand |
The amount of a certain product or service that people want. Ex: The “demand” for computers is high. The “demand” for typewriters is low. |
|
|
Traditional Economy |
Decisions are made based on customs and traditions. Ex. In Medieval Europe, most people would have the same jobs as their parents |
|
|
Command Economy (Communism) |
The government owns most of the property and makes most of the economic decisions. (prices, wages, etc). |
|
|
Market Economy (Capitalism) |
Individuals own most of the property and make most of the economic decisions. The government does not get involved. |
|
|
Mixed Economy |
A combination of individual and government control. Businesses are owned by individuals, but the Government sets certain rules that the businesses have to follow. |
|
|
Stock |
A small piece of a company that is sold, in order to raise money. People who own stock may have some input in business decisions. |
|
|
Economic Depression |
An extended (long term) decrease in economic activity. Ex: People lose their jobs because businesses cannot afford to pay them. Businesses stop making products because people do not have money to buy them. Banks lose money because people and businesses cannot pay back their loans. |
|
|
Economic Recovery |
A period of economic growth following a depression. Many people return to work, and businesses begin to succeed once again. |
