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Economics

Economic Word Wall

TermDefinition
Producer A person, company, or country that makes, grows, or supplies goods or services.
Consumer A person who purchases goods and services.
Shortage A temporary time where wants exceed resources.
Scarcity When wants exceed resources permanently.
Land All natural resources used to produce goods and services.
Labor All human effort used to produce a good or service.
Capital All man made resources used to make a good or provide a service.
Entrepreneurship The person who brings together the three factors of production (land, labor, capital).
Opportunity Cost The most desirable alternative given up as the result of a decision.
Trade-off All alternatives given up as the result of a decision.
Specialization When a worker focuses on just one aspect of production to increase efficiency.
Division of Labor The breaking down of a job into separate, smaller tasks to allow workers to specialize and increase production.
Supply The amount of goods or services that a producer is willing and able to produce at different prices.
Demand The amount of good or services that consumers are willing an able to purchase at different prices.
Budget A plan for spending and saving money.
Surplus Having more than what is needed or required.
Deficit Having less than what is needed or required.
Fixed Expense Expenses that remain the same from month to month.
Variable Expense Expenses that change from month to month.
Credit Borrowing with the intent to pay back.
Interest A fee or charge for borrowing money.
Traditional Economy An economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
Command/Central Economy An economic system in which the government controls all economic decisions.
Mixed Economy An economic system that has some freedom but also has some government control.
Free Market Economy An economic system where there is no government control or regulations on producers or consumers.
Created by: user-1863398
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