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Economic Terms part 1 Flashcards | StudBud
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Economic Terms part 1
Economic Terms part 1
20 terms
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Economic vocabulary review
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is cost?
The amount of money spent to get a certain good or services.
Items such as trees, lakes and cars.
A business owner.
The amount of money you forget you have in the bank.
2
What is economics?
Advanced math class.
Manufacture, distribution, sale, of goods and services.
Scientists who study the ecosystem.
The study of agriculture.
3
What are goods?
Materials made for people to buy, can be seen and touched.
The number of hours a person works.
People with skills to do certain jobs.
Money paid to workers.
4
What is profit?
The price of goods a business pays for goods.
Money a business makes after all the costs have been paid.
The money a business looses.
A business man who tells the future of the stock market.
5
What is Rent?
Money paid in exchange for using a person's property.
Money paid to you by your employer.
Income tax return.
Money paid to you from your landlord.
6
What are Capital Resources?
Land, buildings, tools, money used to make other goods.
Resources found at Washington D.C.
Capital of Washington
Natural resources found in the ground
7
What is a need?
Things people want to make them happy.
The cost of living minus taxes.
Things that people must have in order to survive.
Resources found in the ground.
8
What is a want?
A product you need or you can not survive.
Things that people would like to have but can live without.
How much of an item that is left over.
A stock market crash.
9
What is the definition of Demand?
The profit you make from selling a product.
How much you have of a particular item.
Amount of goods and services people want and will buy.
Prices of a product.
10
What is a natural resource?
The resources needed to have a stock market event.
When scientist study the weather.
Things in nature that man has found and made useful .
Pictures of the moon phases.
11
What are services?
When someone quits their job and is unemployed.
Jobs that people do for other people in return for pay.
The amount of vacation someone receives from their employer.
When a business goes bankrupt.
12
What is a producer?
People who consume goods.
A person who makes goods or provides services.
The amount of profit you make from selling a product.
The cost of living.
13
What is production?
Jobs people do in return for pay.
Making and providing goods and services for people to buy.
The use of capital to build a business.
The amount of goods one buys.
14
What is supply?
The cost of a product.
How much people really want an item.
The amount of a product that is available for people to buy.
How much taxes one has to pay when buying an item.
15
What is Opportunity Cost?
The cost of buying products.
The amount of money it cost to go to school.
Things you give up when making a choice between two things.
Opportunities given to you by your employer.
16
What is an Entrepreneur?
Someone who has lost money in his business.
A person who has created their own business.
An employee in your company.
Someone who does not like to work.
17
What is a Consumer?
Another word for supply.
Someone who uses goods or services.
The opposite of factory work.
A person who does not work.
18
What is Scarcity
Not enough goods and services the people want or need.
When there is too much of one product.
When no one wants to buy a product.
When the price of something is too low.
19
Human Resources
People who retire.
People with skills who do a job.
Jobs, homes, retirement
Resources found in the atmosphere.
20
What are wages or salary?
Money paid to a worker for the amount of time they worked.
Something you buy at the grocery store.
When a company goes to war with another one.
A bonus gift from the employee.
