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Fletcher MoneyMatt 1
Money Matters Unit 1 Test Review
| Term | Definition |
|---|---|
| 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 |
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coach_fletcher
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