Economics Flashcards

1
Q

An estimate of income and expenditure for a set period of time

A

Budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Person who buys or uses goods and services

A

Consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Amount of a product that people are willing to buy

A

Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

System for producing and distributing goods and services

A

Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Good that one country sells to another country

A

Export

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

objects people want that they can touch or hold.

A

Goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Development of a world economic system in which people and goods move freely from one country to another

A

Globalization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country

A

Human Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Good that one country buys from another country

A

Import

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Money received, especially on a regular basis for work or through investments

A

Income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Result of globalization in which changes to the economy of one country can affect the economies of other countries

A

Interdependence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, [1] or money earned by deposited funds

A

Interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Value of what must be given up in order to produce a certain good

A

Opportunity Cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Person who makes goods

A

Producer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

difference between the money people make when they produce and sell a good or service and all their costs of production.

A

Profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A tenant’s regular payment to a landlord for the use of property or land

A

Rent

17
Q

an action that a person does for someone else.

A

Services

18
Q

compensation, usually financial, received by workers in exchange for their labor.

A

Wage