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Vocabulary Lesson 5.1 Economic Basics Flashcards | StudBud
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Vocabulary Lesson 5.1 Economic Basics
Vocabulary Lesson 5.1 Economic Basics
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Vocabulary (17) for Lesson 5.1 Economic Basics #northwesternlehighmiddleschool
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1
A factor that encourages people to act in a certain way (EX: % off / BOGO)
good
incentive
service
capital
2
Producers want more of this and consumers want to keep as much of this as possible...
profit
taxes
stocks
money
3
Products made and sold by producers and purchased by consumers...
services
items
incentives
goods
4
Desire for a good or service...
labor
command
supply
demand
5
Study of how people meet their needs and wants by making choices...
incentives
economics
factors of production
budgets
6
Fee charged for a good or a service...
price
wage
marginal cost
opportunity cost
7
Human made goods (tools or buildings) a business owner needs to produce goods or services...
land
labor
capital
economics
8
Which is
not
a capital resource for a landscaper's business?
trees
shovel
wheelbarrow
lawnmower
9
Price at which demand equals supply...
supply and demand
market price
incentive
marginal cost
10
Having a limited quantity of resources to meet unlimited wants is known as...
surplus
incentive
scarcity
marginal cost
11
Resources people use to make goods and perform services (land, labor, capital)...
factors of economics
factors of consumption
factors of production
factors of management
12
Person or business who buys a product or pays for a service...
entrepreneur
producer
laborer
consumer
13
Which is
not
an economic incentive?
rebate for a purchase made
sale price - EX: 30% off an item
stickers for a good grade
double coupons
14
Person who combines resources to create (new) businesses...
manager
investor
producer
entrepreneur
15
Person or business who makes and sells products or who performs a service...
consumer
owner
employee
producer
16
Actions performed by producers and paid for by consumers...
goods
incentives
services
entrepreneurs
17
Amount of a good or service that is available...
supply
stocks
scarcity
surplus
18
Cost of what you have to give up in order to gain something...
marginal cost
incentive
opportunity cost
income
19
Work done by people...
salary
labor
effort
producers
20
Cost of making one more unit of a product...
marginal cost
percentage off cost
price
base cost
