Economics vocabulary Flashcards
Capital Resources
Items such as land, buildings, tools, money, etc. that are used in the production of other goods
Consumer
someone who uses goods or services
Economics
The study of the manufacture, distribution, sale, and use of other goods and services
Demand
How much in the way of goods and services people want and are able and willing to buy at a given price
Goods
Materials that are produced for people to buy or things that can be seen or touched
Services
Jobs that people do for other people in return for pay
Natural Resources
Things in nature for which man has found use
Profit
The amount of money that a company makes after all the costs of running the business have been paid
Cost
The amount of money that must be spent to get a certain good or services
Producer
A person who makes goods or provides services
Supply
The amount of a product that is available for people to purchase
Wants
Things that people would like to have but can live without, such as TVs
Needs
Things that people must have in order to survive, such as food
Opportunity Cost
The things you give up when making a choice between two things
Production
Making and providing goods and services for people to buy
Human Resources
People with skills who do a job
Rent
Money paid to someone in exchange for the use of that person’s property
Wages or Salary
Money that is paid to a worker for the amount of time that has been worked
Scarcity
When there are not enough goods and services to satisfy the wants and needs of the people
Entrepreneur
A business owner
Employer
The person who hires someone else to do the work
Employee
A person who is hired by someone else to do a job
Specialization
When people do the jobs that they are interested in and do best
Interest
Money that is paid on a loan by the borrower for the use of that money
Inflation
A general rise in the price level of goods and services
Recession
Times when people are out of work and business are doing badly
Stock
Shares of a business that can be bought and sold
Investor
Someone who puts money into a business hoping to make a profit
Competition
A contest between businesses or people to get the most customers or the best price
Division of labor
Different jobs needed in production are divided among various workers
