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Unit 5 (Economics Basics) Flashcards | StudBud

Explore/Unit 5 (Economics Basics)

the amount of a good or service available and the desire of buyers

a thing that motivates or encourages one to do something.

Unit 5 (Economics Basics)

7 terms·StudBud Administration·27 plays

Christina, Andrew, Katie, Jayden, and Mellea

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Questions 7

Answers

1
a thing that motivates or encourages one to do something.
Money
Incentives
Purchasing power
By-products
2
the amount of a good or service available and the desire of buyers
Goods and services
Scarcity
Supply and demand
Loss of profit
3
What are the two roles an individual can have in the economy?
Government
Product
Producer
Consumer
4
Goods and services are?
Services are tangible items that can touch or see
Goods are activites that satisfy a want or a need
Services are activities that satisfy a want or a need
Goods are tangible items that you can touch or see
5
What is scarcity?
the excess of wants from having limited resources land labor capital in
a very large quantity of something
a financial gain, the difference between the amount earned and spent
the governing body of a nation, state, or community.
6
What is opportunity cost?
the cost required for something; the money spent on something.
the forgone benefit from an option not chosen
The money does one does not make
The literal expense of doing an activity
7
What is a competition?
Individuals and firms striving for a greater market share to sell/buy goods
Ethnical practices employed by businesses and firms
When two businesses/individuals work together to create a product or a good
A horse race