Intro to Economics
Help!
|
|
||||
|---|---|---|---|---|---|
| capital | goods used to produce other goods and
services; it can also mean financial capital
or money Examples: tools, machinery, buildings,
money
🗑
|
||||
| capital goods | goods used to make or transport other
goods and services Examples: tools; machinery; factories;
facilities for storing, transporting, and
selling goods
🗑
|
||||
| consumer | an individual who buys and uses goods
and services
🗑
|
||||
| consumer goods | goods used for personal needs and
wants Examples: clothing, food, appliances,
automobiles
🗑
|
||||
| demand | the amount of goods or services that
consumers are willing and able to buy at
a given price
🗑
|
||||
| durable goods | goods that are not used up and do not
quickly wear out after they are
purchased Examples: automobiles, appliances,
furniture
🗑
|
||||
| economic rent | payment that people receive for the use
of resources that they own or control
🗑
|
||||
| economics | the study of people trying to satisfy
their wants in a world of scarcity
🗑
|
||||
| efficient | getting the job done with the least
amount of effort; producing the most
with the least amount of resources
🗑
|
||||
| entrepreneur | an individual who creates something
new and earns a profit by combining
land, labor, and capital resources to
produce goods and services
🗑
|
||||
| entrepreneurship | special talent some people have for
searching out new business
opportunities and developing new
products and new ways of doing things
🗑
|
||||
| financial capital | money used to buy factors of production
Examples: tools, machinery, buildings
🗑
|
||||
| goods | items that can be bought or sold that are
tangible (you can actually hold them in
your hands) and provide satisfaction;
sometimes referred to as products
🗑
|
||||
| labor | human effort, both mental and physical,that goes into the making of goods and
services
🗑
|
||||
| land | the geographic territory and natural
resources that go into the making of
goods and services Examples: fields, forests, minerals, water
🗑
|
||||
| necessity | goods or services considered essential to
a person’s well-being; a need
🗑
|
||||
| needs | goods and services that are necessities
Examples: food, clothing, shelter, medical
care
🗑
|
||||
| nondurable goods | goods that are used up or quickly wear
out after they are purchased
Examples: gasoline, food, clothing
🗑
|
||||
| opportunity cost | whatever is given up to get something
in return
🗑
|
||||
| resources | anything used to produce goods and
services; also known as factors of
production or productive resources
Examples: land (minerals, timber, rivers);
labor; capital
(machinery, buildings); and some
economists consider entrepreneurship
🗑
|
||||
| scarcity | limited resources for production in
relation to wants for goods and services
🗑
|
||||
| services | activities performed for others for
money; things that people want done
for them but are unwilling or unable to
do for themselves Examples: teaching, selling
🗑
|
||||
| supply | the amount of goods or services that
consumers are willing and able to
produce at a given price
🗑
|
||||
| trade-off | giving up one thing to gain another
when economic goals are in conflict
🗑
|
||||
| wants | goods and services that a consumer may
desire or want to buy but that are not
necessities
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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
Created by:
pinetreeacademy
Popular Economics sets