Economics Flashcards
1
Q
long-term goal
A
6+ long month goal
2
Q
scarcity
A
limited supply of something
3
Q
budget
A
the amount of money a person has to spend or a plan for spending and saving money
4
Q
cost
A
value of something
5
Q
expenses
A
cost of something
6
Q
short-term goal
A
1-2 month goal
7
Q
behavior
A
what you do or the way you act
8
Q
consumer
A
buyer of goods or services
9
Q
negative incentive
A
financial punishment for a decision
10
Q
service
A
work people do for others
11
Q
good
A
products people buy
12
Q
entrepreneur
A
someone who starts a business at his or her risk with the goal of making a profit
13
Q
capital
A
money used to invest in something
14
Q
Export
A
something that is brought to another country to be sold or traded
15
Q
Trade
A
when you give, or sell, one item to get another
