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Fletcher MoneyMatt 1

Money Matters Unit 1 Test Review

Resources Supplies of value for production
Consumer Those who buy or use goods and services are a ...
Goods Items that are produced, sold, and bought by consumers
Producer a company or individual who provides goods and services is a ...
Scarce In limited quantity compared to demand
Service An action completed for consumers
Demand The amount of need or interest in a product or service
Allocate To distribute something among those who need or want it
Value The worth of an item in consideration with goods services, or money
Nonrenewable Resource A resource that, once used, is no longer available
Renewable Resource A resource that can be replenished after use
Scarcity The idea that all resources are limited and insufficient to meet unlimited wants and needs
Limited Restricted within boundaries
Factors of production Resources needed to produce a good service
Needs Goods that are necessities for survival and health
Wants goods that are desired despite not being needed for survival
Opportunity cost The principle that one opportunity must be given up in order to consume or produce another
Revenue the total income received from an economic action
Profit Income received from an economic action, minus the costs of taking the action
Production Cost the total amount needed to produce a good or service
Production Possibility Curve A representation of the combination of goods and services that can be produced in a situation
Closed economy An economy that operates without imports or exports as part of a self-sufficient community
Mixed Market Economy An economy that has some government intervention
Regulate To govern by providing guides and limitations
Command economy An economy in which the government determines production, prices and income
Traditional economy An economy based on custom or tradition of a family or community
Pure market economy An economy in which goods are produced and sold privately, with no government interaction
Income the money a person earns for providing a service or selling goods
Ownership The right to possess something
Private Property Land or goods owned and used by a person
Public Property Land or goods owned by the government
Competition What happens when two or more parties seek the same prize or benefit
Restrict To create limits
Free enterprise An economic system in which there are minimal restrictions on business ownereship and activity
Created by: coach_fletcher
Popular Economics sets




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