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 Flashcards
Vocabulary to help study :)
| Term | Definition |
|---|---|
| Economics | The study of decisions -- the study of how people meet their wants and needs. |
| Goods | Things that we can touch and/or use |
| Services | Things that someone or something does for another Services can provide us with goods |
| Producers | People and businesses that sell/make goods or services |
| Consumers | People who use or buy those goods or services given by a producer |
| Trade | The exchange of goods/services Typically with money |
| Barter | Trading without money |
| Market | An organized way for producers and consumers to trade goods/services Typically involves cash but not always Can be digital i.e supermarket |
| Who | Who a product is meant for, who the target audience is |
| How Many | How many of the product should be produced |
| How | How will this product be made and sold(from the factory to the store or home) |
| What | What a company should produce or provide (based off of wants and needs) |
| Factors of Production | the resources producers use to make and sell the things consumers want and need |
| Land | Natural resources Not man made Includes both renewable and nonrenewable things I.e metals, oils |
| Labor | Human effort to produce things, people who are payed to do a certain job |
| Capital | Man-Made resources Any tool, machine or man-made item that helps us do something |
| Entrepreneurship | Starting a new business People who take the risk and put all the factors of production together Similar to labor but different I.e Mark Zuckerberg |
| Supply | the amount of a good or service that is available, large supply means there is a lot |
| Demand | The want or desire for certain goods or services |
| Supply and Demand | If you have a low supply and high demand, producers will make the price higher and make more of the good or service. If there is a large supply but low demand, producers will decrease the price and make less of the good |
| Scarcity | Limited resources to meet unlimited wants and needs There is a scarcity of water in a desert |
| Opportunity cost | What you gave up when making an opportunity |
| incentive | a factor encouraging people to act a certain way money: to work a job good grades: to study |
Created by:
user-1823721
Popular Economics sets