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