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Economics

Economics Vocabulary

QuestionAnswer
What is scarcity? When there is not enough of something
What is demand? How much of something is needed.
What is a natural resource? Things nature provides used to produce a good or service. Ex. water and soil
What is a consumer? A peron who buys or uses a good or service.
What is a producer? A person who uses resources to make goods or services.
What is revenue? Money that businesses earn for selling goods or services.
What is an incentive? A reward or penalty to encourage people to make certain choices.
What is a capital resource? Goods or tools used to produce other goods or services. Ex. a tractor or a computer
What is a human resource? Using people's skills and ideas to produce or sell a good or service.
What is an import? A good or resource that we get from other countries.
What is surplus? Having more goods or resources than needed.q
What is interdependence? When people or businesses depend on each other to make or sell goods or services
What is a good? Things people buy to satisfy their wants or needs.
What is opportunity cost? The thing you give up after making a choice.
What is competition? When two or more businesses sell the same goods or services.
What is profit? The difference between revenue and the cost to produce a good or service.
What is a market economy? A type of economy where the businesses and consumers make decisions about the basic economic questions.
What are the basic economic questions that decide what kind of economy a place has? What goods or services will be produced? How will the goods or services be produced? Who will they be sold to?
How does a surplus in supply usually affect the demand for a product? The demand will decrease.
How does scarcity of a popular product affect the demand for something? The demand will increase.
If something is scarce but in high demand, how does that affect the price? The price may increase.
What is specialization? When people or businesses focus on producing a single product or service.
public goods and services Goods and services that are produced by the government for everyone. Ex. repairing roads and building schools.
private goods and services goods and services that are produced by private businesses and sold to consumers.
taxes what people pay the government in exchange for public goods and services.
How does competition affect demand? It can decrease demand because there's an increase in the supply of a product.
How can competition affect the price of a product? It can decrease the price because businesses try to give sale incentives to attract customers.
What is circular flow? The pattern of movement in which money flows through businesses and households for goods, services, or resources. Remember Dandy Dollar:)
Created by: EOWoods
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