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Shaping America's Economy Vocabulary Flashcards | StudBud
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Shaping America's Economy Vocabulary
Shaping America's Economy Vocabulary
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StudBud Administration
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1
What is a producer?
someone who makes goods or provides services
the next best thing you give up when making a choice
a person responsible for the making a movie
how much of a good or service is available to buy at all prices
2
What is a free market economy?
a group of people who work together to fix a shared problem
duties that citizens are expected to perform
a type of economy where people decide what to buy and sell
values that a citizen should have
3
What is a benefit?
when people’s wants are not met because resources are limited
what is gained from making a choice
the next best thing you give up when making a choice
how much of a good or service is available to buy at all prices
4
What is specialization?
something that encourages someone to make a certain choice
the next best thing you give up when making a choice
a skill or knowledge in one job
someone who makes goods or provides services
5
What is a consumer?
the next best thing you give up when making a choice
someone who buys goods or services
something that encourages someone to make a certain choice
someone who makes goods or provides services
6
What is supply?
how much of a good or service is available to buy at all prices
the amount of a good or service that people will want at all prices
someone who buys goods and services
what is gained from making a choice
7
What is opportunity cost?
a skill or knowledge in one job
the next best thing you give up when making a choice
something that encourages someone to make a certain choice
The study of choices when there is scarcity.
8
What is scarcity?
the next best thing you give up when making a choice
someone who makes goods or provides services
when people’s wants are not met because resources are limited
what is gained from making a choice
9
What is an incentive?
someone who makes goods or provides services
a skill or knowledge in one job
The resources we use to produce goods and services are limited.
something that encourages someone to make a certain choice
10
What is a tariff?
a tax on goods from other places
the amount of a good or service that people will want at all prices
a tax on tea
something that encourages someone to make a certain choice
11
What is a demand?
someone who buys goods and services
what is gained from making a choice
the amount of a good or service that people will want at all prices
something that encourages someone to make a certain choice
12
What is interest?
someone who buys goods and services
what is gained from making a choice
The amount of allowance you recieve
a small payment that is added for borrowed money
