Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Econ Lesson 2
Vocab words for unit 2
| Question | Answer |
|---|---|
| competition | The struggle among businesses for the dollars of consumers. |
| substitutes | Goods that can replace each other; an increase in the price of one will cause a increase in demand of the other. |
| complements | Two goods that are used together, so that the supply and demand for each tend to move together. |
| efficiency | Using resources to the maximum benefit with as little or no waste as possible. |
| shortage | a situation where there is not enough of a good or service; demand is larger than supply. |
| surplus | a situation where there is too large of a good or service; supply is larger than demand. |
| price floor | a minimum price for a good or service. |
| price ceiling | a maximum price for a good or service. |
| goods | physical objects that can be touched. |
| services | actions or activities that one person performs for another. |
| public | a good or service provided by the government for all citizens to use |
| externalities | The economic side effects of a good or service that affects people not involved as sellers or consumers. |
| monopoly | a market dominated by a single seller. |
| productive resources | The land, labor, and capital needed for business. |
Created by:
markleyj
Popular Economics sets