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Economics terms

Mrs. Renshaw's Economics terms

QuestionAnswer
Study of making, buying, selling goods/services economics
Doing one part of a task to complete the whole specialization
Person who creates a product/service entrepreneur
Choosing one good/service over another opportunity cost
General increase in prices inflation
Limited resources which cause choices scarcity
To trade barter
Someone who buys a good/service consumer
A factor that encourages people to act in a certain way. incentive
Money earned by selling goods and services. revenue
Opposite of profit loss
A want for something by customers demand
Someone/company that provides a good/service producer
An organized way for producers and consumers to trade goods and services market
A decline in economic growth for 6 or more months in a row. recession
A positive gain from a transaction/deal profit
Any kind of work performed for others service
Any kind of merchandise you buy you can touch good
Struggle among producers for consumers money. competition
Available resources supply
When people depend on one another interdependence
Competition among producers free enterprise
skills, talents, and education that a worker possesses human resource
Things found in or on the earth - gifts of nature natural resources
An economy in which people make economic decisions based on their customs and habits. traditional economy/ system
An economy in which the central government makes all economic decisions. command economy/ system
An economy in which individual consumers and producers make economic decisions. market economy/ system
An economy that combines elements of traditional, market, and command systems. mixed economy/ system
workers labor
Created by: arenshaw
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