Economics Intro Vocab - JC
Terms in this set (16)
exchange (goods or services) for other goods or services without using money.
stuff used to make other stuff; stocks, bonds, factories, slaves, intellectual property, etc.
a building in which a state legislative body meets; a group of buildings in which the functions of state government are carried out
money directly available to spend (in coins, notes, venmo balance, checking balance, etc.); money that does not have to be transferred from some security in order to spend it
a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price
something (such as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange
the process or system by which goods and services are produced, sold, and bought in a country or region
one who organizes, manages, and assumes the risks of a business or enterprise; a business risk-taker
money that a government has declared to be legal tender, but it is not backed by a physical commodity. Its value is derived from the relationship between supply and demand rather than the value of the material from which the money is made.
workers or work done
any resource in its natural state, before being used
absolute necessities; the basics of survival in a given situation
the loss of potential gain from other alternatives when one alternative is chosen
a sitution where there are not enough goods for every member of any society to get everything they want or need
an instrument of investment in the form of a document (such as a stock certificate or bond) providing evidence of its ownership
desires above the basic minimum; luxuries and optional goods
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