Econimics Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Market Economy | An economic system in which indidviduals are free to compete, to earn a living, to earn a profit and to own property.
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| free market | An economic system in which buyers and sellers are free to exchange good and services as they choose.
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| profit | The income a business has left after paying its expenses
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| scarcity | The problem of limited resources
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| law of supply | Ane economic rule that states businesses will provide more products when they can sell them at higher prices and fewer products when they must sell them at lower prices
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| law of demand | An economic rule that states that buyers will demand more products when they can buy that lower prices and fewer products when they mist buy them at higher prices
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| free enterprise | Principle that business owners in a free market e allowed to run there businesses in any way they see fit, with little government interference
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| capitalism | An economic system based on private ownership that means of the porduction.
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| monopoly | A company at controls all production of a good or service.
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| stock | A share ownership in a production
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| stockholders | People who own corporate stock.
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| dividends | Profits paid to corporate stockholders.
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| natural resources | Any natural resources that are used by humans , such as water, petroleum , minerals, forests, and animals
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| labor | Human effort used to make goods and services.
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| entrepreneur | A business owner.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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