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Social Studies > 5.2 Economics > Flashcards

5.2 Economics Flashcards

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1
Q

Organized way for producers and consumers to trade goods and services

A

Market

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2
Q

Money a company has left after subtracting the cost of doing business

A

Profit

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3
Q

The money earned by selling goods and services

A

Revenue

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4
Q

The act of concentrating on a limited number of goods or activities

A

Specialization

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5
Q

The struggle among producers for consumers money

A

Competition

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6
Q

General increase in prices

A

Inflation

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7
Q

Decline in economic growth for six or more months

A

Recession

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8
Q

The study of how people meet their wants and needs

A

Economics

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9
Q

Three basic economic questions

A

What goods and services should be producers
How should goods and services be produced
Who uses or consumes those goods and services

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10
Q

Person who combines resources to create businesses

A

Entrepreneur

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11
Q

Three main factor of production

A

Land
Labor
Capital

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12
Q

Agricultural land
Commercial real estate
Natural resources

A

Land

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13
Q

A truck used to deliver something, machinery and equipment, computers

A

Capital

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14
Q

Human-made good like tools and buildings

A

Capital

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15
Q

Having a limited quantity of resources to meet unlimited wants

A

Searcity

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16
Q

The cost of what you have to give up

A

Opportunity cost

17
Q

The desire for a certain good or service

A

Demand

18
Q

The amount of a good or service available to us

A

Supply

19
Q

As the price of a product increases consumers will buy less so demand will decrease

A

Producers will make more and increase the supply

20
Q

As the price of the product decreases consumers will buy more so demand will increase

A

Producers will make less and increase the supply

21
Q

People or businesses that make and sell products and services

A

Producers

22
Q

People or businesses that buy or consume products and services

A

Consumers

23
Q

Factor that encourages people to act in a specific way

A

Incentive

Social Studies (3 decks)

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