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
Economics
| allocate | to distribute scarce resources--such as money, land, equipment, or labor--in order to satisfy the greatest number of needs and wants |
| authoritarian socialism | an economic system in which the government owns or controls nearly all factors of production; also known as communism |
| barter | the direct exchange of goods and services without the use of money |
| capital good | a building, structure, machine, or tool that is used to produce goods or services |
| capital resources | an item that is used in the production of other goods and services |
| capitalism | a market-based economic system in which individuals own and control the factors of production |
| command economy | an economy in which a central government authority makes all basic economic decisions and controls the factors of production |
| communism | economic system in which the government owns or controls nearly all factors of production; also known as authoritarian socialism |
| competition | in business, a state of rivalry among sellers of the same or similar products, in which each seller tries to gain a larger share of a market and to increase profits |
| consumer | one who buys goods or services for personal use rather than for resale or use in production or manufacturing |
| contract | a legally binding agreement, either oral or written, between individuals. such as to buy and sell goods and services |
| credit | a form of exchange that allows consumers to use items with a promise of repayment over a specified time |
| demand | the amount of a good or service that consumers are willing and able to buy at various prices during a given period |
| democratic socialism | an economic system in which some means of producing and distributing goods are owned or controlled by an elected government |
| division of labor | the division of a complex procedure into small tasks, enabling workers to increase output through specialization |
| economics | the study of how society chooses to use scarce resources to satisfy its unlimited wants and needs |
| economist | someone who studies economic theory and applies it to the real world |
| entrepreneur | someone who undertakes and develops a new business enterprise or develops a new product, risking failure or loss for the possibility of financial gain |
Created by:
clint23gibson
Popular Economics sets