Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/27

Click to flip

27 Cards in this Set

  • Front
  • Back

Capital

Finished goods used to produce other Goods / services

Consumer

A person who buys goods or services

Economics

The study of choices of how to use a limited resources for unlimited wants and needs

Entrepreneurship

When a person creates a business or has a new idea

Labor

Work from people needed to produce Goods / services

Natural resources

Resources that came from Land used to create products and services

Needs

Resources necessary to survive

Wants

Resources you would like to have but are not necessary for survival

Opportunity costs

The result of making a choice (what you must give up)

Producer

A person who creates product or service

Scarcity

Not enough resources to meet wants and needs

Trade-offs

The alternate not selected when making a choice

Business sector

Portion of the economy that attracts consumers and sells goods or services

Circular flow model

Economic model that shows the flow of money, factors the production, goods, and services between sectors and markets

Command economy

Type of economy were almost all decisions made by the government

Consumer sector

Portion of the economy that includes all buyers

Factor market

Four factors of production are exchanged for wages, salary, Etc

Market economy

Type of Economy based on the forces of supply and demand and interactions of individuals in the marketplace

Product Market

For goods and services are bought and sold

Competition

When multiple businesses compete to produce the best product or service which increases quality and lowers prices

Complements

Two products that are generally used together

Demand

The quantity of products consumers are willing and able to buy at a certain price

Equilibrium price

The price at which the quantity demanded equals the quantity supplied

Shortage

When the quantity demanded exceeds the quantity supplied

Substitutes

Products that can be used in the place of another

Supply

The quantity that producers are willing and able to provide at a certain price

Surplus

When the quantity supplied exceeds the quantity demand