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27 Cards in this Set
- Front
- Back
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Capital |
Finished goods used to produce other Goods / services |
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Consumer |
A person who buys goods or services |
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Economics |
The study of choices of how to use a limited resources for unlimited wants and needs |
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Entrepreneurship |
When a person creates a business or has a new idea |
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Labor |
Work from people needed to produce Goods / services |
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Natural resources |
Resources that came from Land used to create products and services |
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Needs |
Resources necessary to survive |
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Wants |
Resources you would like to have but are not necessary for survival |
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Opportunity costs |
The result of making a choice (what you must give up) |
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Producer |
A person who creates product or service |
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Scarcity |
Not enough resources to meet wants and needs |
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Trade-offs |
The alternate not selected when making a choice |
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Business sector |
Portion of the economy that attracts consumers and sells goods or services |
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Circular flow model |
Economic model that shows the flow of money, factors the production, goods, and services between sectors and markets |
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Command economy |
Type of economy were almost all decisions made by the government |
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Consumer sector |
Portion of the economy that includes all buyers |
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Factor market |
Four factors of production are exchanged for wages, salary, Etc |
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Market economy |
Type of Economy based on the forces of supply and demand and interactions of individuals in the marketplace |
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Product Market |
For goods and services are bought and sold |
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Competition |
When multiple businesses compete to produce the best product or service which increases quality and lowers prices |
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Complements |
Two products that are generally used together |
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Demand |
The quantity of products consumers are willing and able to buy at a certain price |
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Equilibrium price |
The price at which the quantity demanded equals the quantity supplied |
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Shortage |
When the quantity demanded exceeds the quantity supplied |
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Substitutes |
Products that can be used in the place of another |
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Supply |
The quantity that producers are willing and able to provide at a certain price |
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Surplus |
When the quantity supplied exceeds the quantity demand |
