Basics Of Economics Flashcards
0
Q
Someone who creates a product from an idea and makes money on it
A
Entrepreneurship
1
Q
Study of money
A
Economics
2
Q
You..the buyer!
A
Consumer
3
Q
The ability to satisfy all wants at the same time. ALL resources and goods are limited in life.
A
Scarcity
4
Q
Resources
A
Things that go into making something in production. Include - human, capital, and natural
5
Q
Opportunity cost
A
What you give up when you make a choice
6
Q
Price
A
The amount of money spent on the choice. Supply and demand determines price
7
Q
Haves vs. wants. What is made vs. what is wanted
A
Supply and demands
8
Q
Things that motivate people to buy a good or service
{sales, clearance, etc}
A
Incentive
9
Q
Production
A
Combining natural, human, and capital resources together to make something
10
Q
Using a good or service
A
Consumption
