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
Unit 3
Economics
| Term | Definition |
|---|---|
| scarcity | when there are not enough goods and services to meet demand |
| opportunity cost | the second-best alternative (or the value of that alternative) that must be given up |
| economics | the study of how individuals and societies use their scarce resources to get goods and services |
| economic system | an organized way a society uses to produce, distribute, and consume goods and services |
| monopoly | a situation in which one company controls an industry or is the only provider of a product or service |
| tariff | a tax on imported goods |
| consumer | someone who buys goods or services |
| producer | someone who makes goods or provides services |
| income | money people earn by working |
| circular flow | the pattern in which goods and services, resources, and money flow in a market economy |
| supply | the amount of a product or service that is available for consumers to buy |
| demand | how much of a product or service consumers are willing and able to buy |
| substitute good | a good that can be used in place of another good |
Created by:
AMS SS6
Popular Geography sets