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Duplicate of Economics Flashcards | StudBud
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Duplicate of Economics
Duplicate of Economics
20 terms
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StudBud Administration
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economics basics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A person who starts a business and is willing to accept the risk of loss or gain/profit.
entrepreneur
producer
consumer
2
The act of giving or delivering something to people.
market
distribution
production
economics
3
The total dollar value of all goods and services produced in a country in a single year.
MVP
production
GDP
gross domestic product
4
The things that are needed for production to occur are called....
market
factors of production
GDP
goods
5
The most common economic indicators to use are
all of the above
life expectancy
GDP
literacy rate
6
Includes the buildings, land, machines, and other items used to create wealth
capital
GDP
money
surplus
7
Something you can use or eat
demand
resource
market
goods
8
When a resource is in limited or short supply.
demand
scarcity
market
9
Related in such a way that each needs or depends on each other.
producer
consumer
independent
interdependence
10
Material that can be used to produce crops or other products.
demand
resources
supply
product
11
When a country brings products from another country.
export
import
12
A person who makes things or provides a service for others to use or buy.
consumer
capitalist
producer
13
The place or atmosphere in which goods or services are sold or exchanged.
resource
market
export
import
14
More than needed to survive
supply
demand
scarcity
surplus
15
The amount of people who want to purchase an item.
demand
entreperneur
producers
16
Any kind of work performed for others
supply
surplus
services
17
A person who buys goods and/or services
consumer
producer
market
entrepreneur
18
The amount of an item that a store has available to sell.
demand
supply
economics
surplus
19
The process of making or growing something for sale or use.
produce
distribution
production
market
20
To send a product produced in one country to another
import
export