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
Mini Society Vocab
Vocab list of both econ and gov't terms
| Term | Definition |
|---|---|
| CAPITAL RESOURCES | Items such as land, buildings, tools, money, etc., that are used in the production of other goods |
| CONSUMER | Someone who uses goods or services |
| ECONOMICS | The study of the manufacture, distribution, sale, and use of goods and services |
| DEMAND | How much in the way of goods and services people want and are able and willing to buy at a given price |
| GOODS | Materials that are produced for people to buy or things that can be seen and touched |
| SERVICES | Jobs that people do for other people in return for pay |
| NATURAL RESOURCES | Things in nature for which man has found use |
| PROFIT | The amount of money that a company makes after all the costs of running the business have been paid |
| COST | The amount of money that must be spent to get a certain good or services |
| PRODUCER | A person who makes goods or provides services |
| SUPPLY | The amount of a product that is available for people to purchase |
| WANTS | Things that people would like to have but can live without, such as TVs |
| NEEDS | Things that people must have in order to survive, such as food |
| OPPORTUNITY COST | The things you give up when making a choice between two things |
| PRODUCTION | Making and providing goods and services for people to buy |
| HUMAN RESOURCES | People with skills who do a job |
| RENT | Money paid to someone in exchange for the use of that person’s property |
| WAGES or SALARY | Money that is paid to a worker for the amount of time that has been worked |
| SCARCITY | When there are not enough goods and services to satisfy the wants and needs of the people |
| ENTRPRENEUR | A business owner |
| EMPLOYER | The person who hires someone else to do work |
| EMPLOYEE | A person who is hired by someone else to do a job |
| SPECIALIZATION | When people do the jobs that they are interested in and do best |
| INTEREST | Money that is paid on a loan by the borrower for the use of that money |
| INFLATION | A general rise in the price level of goods and services |
| RECESSION | Times when people are out of work and business are doing badly |
| STOCK | Shares of a business that can be bought and sold |
| INVESTOR | Someone who puts money into a business hoping to make a profit |
| COMPETITION | A contest between businesses or people to get the most customers or the best price |
| DIVISION of LABOR | Different jobs needed in production are divided among various workers |
Created by:
mr.mcknight
Popular Economics sets