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