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Econ Mega-hoot! Flashcards | StudBud
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Econ Mega-hoot!
Econ Mega-hoot!
30 terms
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StudBud Administration
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Flashcards
30 cards
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Questions
30
Answers
1
A form of contest between two rivals
barter
money
competition
distributor
2
When there is a limited supply along with a high demand
warranty
shortage
credit
denomination
3
The plan for the management of the resources for an economy
denomination
budget
consumer
supply and demand
4
A system in which businesses organize and operatefor profit, without strict governmentcontrol
opportunity cost
check
producer
free enterprise
5
When a product is sold for less than what it cost to make it
opportunity cost
revenue
distributor
loss
6
When the supply of something is greater than the demand
resource
interest
economy
surplus
7
The direct exchange of goods and services
market
barter
supply and demmand
financial institution
8
An opportunity that is lost when an economic choice is made
luxury
budget
check
opportunity cost
9
Supply is limited, demand is high, price goes up; Demand is low, supply high, price goes down
economy
luxury
money
supply and demand
10
A person or organization that creates goods or provides services
scarcity
supply and demand
opportunity cost
producer
11
A printed promise of money from one person to another, which can beredeemed at a bank
want
economy
check
resource
12
An establishment dedicated to helping individuals and businesses to manage money
financial institution
producer
economy
supply and demand
13
A charge for borrowing money
surplus
loss
interest
specialize
14
An amount of a unit of money
financial institution
scarcity
revenue
denomination
15
Work done by professionals such as doctors, lawyers, and entertainers
competition
consumer
services
warranty
16
An item which is nice to have, but not necessary to survival
economy
competition
want
budget
17
A source of supply or support
producer
market
resource
opportunity cost
18
A medium of exchange which can be used to measure value or as a means of payment
specialize
money
check
surplus
19
A business that gets products from producers and distributes them toretailers for sale
distributor
profit
warranty
supply and demand
20
The difference between the cost to produce the product or to deliver theservice and the revenue
producer
interest
warranty
profit
21
The full amount of money received through sales or taxes
credit
revenue
loss
denomination
22
To create only specific goods or services designed to meet specificneeds
profit
budget
specialize
market
23
A person that purchases a good or service
market
money
specialize
consumer
24
Amount of money a person is allowed to spend, knowing that it will be paid back to the bank
scarcity
competition
distributor
credit
25
To place money into the custody of a bank
scarcity
loss
check
deposit
26
Cards that let you spend a certain amount, understanding that the money will be repaid
credit card
budget
distributor
luxury
27
An item or service which is necessary for survival
need
want
withdraw
money
28
To remove money from a bank account
withdraw
money
budget
supply and demand
29
A guarantee on a product
scarcity
warranty
economy
need
30
The imbalance between unlimited wants and limited resources available to satisfy those wants
warranty
revenue
need
scarcity
