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Economy Vocabulary
Economy Vocabulary
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economy vocabulary
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
creating products with natural resources
manufacture
agriculture
service
retail
2
as the want for an item increases, prices rise-the manufacture then produces more
barriers
scarcity
supply and demand
surplus
3
the selling of items in large quantities to stores that will later sell to consumers
manufacture
wholesale
retail
service
4
to provide something needed through a learned act, rather than selling an item
manufacture
retail
agriculture
service
5
growing the items needed to make items
service
agriculture
retail
manufacture
6
countries rely on each other's economy
surplus
economic interdependence
supply and demand
scarcity
7
anything that prevents or blocks something from happening
surplus
barriers
scarcity
supply and demand
8
more than needed
supply and demand
scarcity
economic interdependence
surplus
9
the selling of items in small quantities directly to consumers
agriculture
service
retail
manufacture
10
people who come up with ideas and products to be sold
entrepreneurs
socialism
free enterprise
GDP
11
yearly average value of all goods and services produced within a country
entrepreneurs
socialism
free enterprise
GDP
12
shortage of items
economic interdependence
surplus
supply and demand
scarcity
13
consumers decide what to produce by the concepts of supply and demand
socialism
GDP
free enterprise
entrepreneurs
14
some businesses are controlled by the government and the government provides certain services
free enterprise
GDP
entrepreneurs
socialism