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Study sets matching "economics vocabulary"

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Study sets matching "economics vocabulary"

37 terms
economics assesment
demand
law of demand
3 factors that influence demand
substitution effect
the willingness and ability to buy or consume something
as price goes up, quantity demanded goes down.
sustitution effect, real income effect, diminishing marginal…
as the price of one good or service goes up, quantity demande…
demand
the willingness and ability to buy or consume something
law of demand
as price goes up, quantity demanded goes down.
132 terms
Economics Vocabulary
Absolute Advantage
Capital
Comparative Advantage
Economics
the ability to produce something more efficiently
productive equipment of machinery
the ability to produce something with a lower opportunity cost
a social science that that studies how resources are used and…
Absolute Advantage
the ability to produce something more efficiently
Capital
productive equipment of machinery
16 terms
Economics vocabulary
relative scarcity
opportunity cost
resources
Economy
A situation where resources are limited compared to the deman…
The value of the next best alternative that is foregone whene…
The collective term for the three main types of "factors of p…
A place where scarce resources are allocated (distributed) am…
relative scarcity
A situation where resources are limited compared to the deman…
opportunity cost
The value of the next best alternative that is foregone whene…
22 terms
Ch 5 Economic Vocabulary
supply
law of supply
quantity supplied
supply schedule
the amount of goods available
producers offer more of a good as its price increases and les…
the amount that a supplier is willing and able to supply at a…
a chart that lists how much of a good a supplier will offer a…
supply
the amount of goods available
law of supply
producers offer more of a good as its price increases and les…
21 terms
Economics Vocabulary - Chapter 1
Need
Want
Economics
Scarcity
Something that you have to have to survive... Examples: Food, sh…
An item you desire but you do not have to have for survival... E…
How People satisfy their needs and wants by making choices
Limited amounts of resources to meet unlimited desires
Need
Something that you have to have to survive... Examples: Food, sh…
Want
An item you desire but you do not have to have for survival... E…
27 terms
Economics: Unit 1 Vocabulary
Scarcity
Economics
Land
Human Capital
A limited amount of a particular item.
The study of choice under the condition of scarcity (scarce r…
Any natural resource that comes from the Earth (e.g. water, g…
A particular skill that a person acquires (e.g. medicine, law…
Scarcity
A limited amount of a particular item.
Economics
The study of choice under the condition of scarcity (scarce r…
31 terms
Economics: Unit 5 Vocabulary
Bank
Interest Earned
Interest Charged
Savings Account
A financial institution that offers various accounts such as…
The money the bank pays you for keeping your money in a savin…
The fee you have to pay a bank for borrowing money (on a loan).
An account where you save your money. The bank will pay you i…
Bank
A financial institution that offers various accounts such as…
Interest Earned
The money the bank pays you for keeping your money in a savin…
34 terms
Economics: Unit 4 Vocabulary
Fiscal Policy
Expansionary Fiscal Policies
Contractionary Fiscal Policies
Classical Economics
The use of government spending and revenue collection to infl…
Fiscal policies, like higher spending and tax cuts, that enco…
Fiscal policies, like lower spending and higher taxes, that r…
The idea that free markets can regulate themselves.
Fiscal Policy
The use of government spending and revenue collection to infl…
Expansionary Fiscal Policies
Fiscal policies, like higher spending and tax cuts, that enco…
17 terms
Economic Vocabulary
Money
Scarcity
Productive Resources
Economic Theory
Money
Scarcity
38 terms
Economics: Unit 3 Vocabulary
Money
Medium of Exchange
Unit of Account
Store of Value
Anything that serves as a medium of exchange, a unit of accou…
Anything that is used to determine value during the exchange…
A means for comparing the values of goods and services.
Something that keeps its value if it's stored rather than used.
Money
Anything that serves as a medium of exchange, a unit of accou…
Medium of Exchange
Anything that is used to determine value during the exchange…
10 terms
Economic Vocabulary
Industrial Revolution
capitalism
capital
free enterprise
the change from an agrarian society to society based on indus…
an economic system based on private property and free enterpr…
money for investment
the freedom of private businesses to operate competitively fo…
Industrial Revolution
the change from an agrarian society to society based on indus…
capitalism
an economic system based on private property and free enterpr…
31 terms
Economic Vocabulary
Economy
Economics
Private business
Scarcity
The production, consumption, and distribution of goods and se…
The study of production, distribution, and consumption of goo…
A business owned by citizens personally.
A limited supply of something. A good, service, or productive…
Economy
The production, consumption, and distribution of goods and se…
Economics
The study of production, distribution, and consumption of goo…
20 terms
Chapter 4 Economic Vocabulary
demand
law of demand
substitution effect
income effect
the desire to own something and the ability to pay for it
consumers will buy more of a good when its price is lower and…
when consumers react to an increase in a good's price by cons…
the change in consumption that results when a price increase…
demand
the desire to own something and the ability to pay for it
law of demand
consumers will buy more of a good when its price is lower and…
30 terms
Economics Vocabulary
capital resources
consumer
economics
demand
items such as land, buildings, tools, money, etc that are use…
someone who uses goods or services
the study of the manufacture, distribution, sale, and use of…
how much in the way of goods and services people want and are…
capital resources
items such as land, buildings, tools, money, etc that are use…
consumer
someone who uses goods or services
15 terms
Economics Vocabulary
Barter
Command Economy
Competition
Embargo
trading goods for goods without the use of money
economic systems where the government determines how goods ar…
rivalry among businesses to sell the most goods for the most…
trade barrier in which nations refuse to trade with other nat…
Barter
trading goods for goods without the use of money
Command Economy
economic systems where the government determines how goods ar…
19 terms
Economic Vocabulary
Renewable Resources
Nonrenewable Resources
Command Economy
Mixed Economy
Natural resources that can be replaced, solar, wind etc.
A natural resource that cannot be replaced quickly. Coal, oil…
An economic system in which the government makes all economic…
an economic system that combines private and state enterprises
Renewable Resources
Natural resources that can be replaced, solar, wind etc.
Nonrenewable Resources
A natural resource that cannot be replaced quickly. Coal, oil…
9 terms
economics vocabulary
Scarcity
Choice
Opportunity Cost
Price
The inability to satisfy all wants at the same time. All reso…
Selecting an item or action from a set of possible alternativ…
what is given up when a choice is made- the highest valued al…
the amount of money exchanged for a good or service
Scarcity
The inability to satisfy all wants at the same time. All reso…
Choice
Selecting an item or action from a set of possible alternativ…
20 terms
Economics Vocabulary
Cost Comparison
Cost-Benefit Analysis
Cost
Benefit
Comparing the cost of two or more goods or services in an eff…
Analyzing whether the cost of an item is more than, equal to,…
The price paid for a good or service.
An outcome that promotes well-being.
Cost Comparison
Comparing the cost of two or more goods or services in an eff…
Cost-Benefit Analysis
Analyzing whether the cost of an item is more than, equal to,…
22 terms
Economics Vocabulary
People can own businesses and property…
All resources are owned and operated b…
Goods and services are produced by the…
Most economies in the world today are…
Market
Command
Traditional
Mixed
People can own businesses and property…
Market
All resources are owned and operated b…
Command
12 terms
Economics Vocabulary
Economics
Fiscal Policy
Federal Reserve
Economic Development
the branch of knowledge concerned with the production, consum…
Government taxing and spending has broad implications for the…
the central bank of the United States.
efforts that seek to improve the economic well-being and qual…
Economics
the branch of knowledge concerned with the production, consum…
Fiscal Policy
Government taxing and spending has broad implications for the…
11 terms
Economic Vocabulary
Economics
Command Economy
Market Economy
Mixed Economy
How individuals, companies, and governments make choices on h…
An economy in which production, investment, prices, and incom…
Decisions regarding investment, production, and distribution…
Characteristics of both capitalism and socialism. A system th…
Economics
How individuals, companies, and governments make choices on h…
Command Economy
An economy in which production, investment, prices, and incom…
32 terms
Ch 3 Economic Vocabulary
profit motive
open opportunity
legal equality
private property rights
the incentive that drives individuals and business owners to…
the principle that anyone can compete in the marketplace
the principle that everyone has the same legal rights
the principle that people have the right to control their pos…
profit motive
the incentive that drives individuals and business owners to…
open opportunity
the principle that anyone can compete in the marketplace
17 terms
Economics Vocabulary
economics
needs
wants
goods
the study of the process or system in which goods and service…
something people must have in order to stay alive
something people would like to have, but it is not necessary…
things people want or need that can be held or touched
economics
the study of the process or system in which goods and service…
needs
something people must have in order to stay alive
13 terms
Economics Vocabulary
Resources
Economics
Trade
Goods
all things used in making goods and services
The way people and countries make decisions to meet their nee…
the activity or process of buying, selling, or exchanging goo…
Physical objects such as clothes or shoes that are made from…
Resources
all things used in making goods and services
Economics
The way people and countries make decisions to meet their nee…
18 terms
Economics Vocabulary
Gross Domestic Product
Traditional Economy
Natural Resources
Four Factors of Production
total value of all the goods and services produced in a count…
an economy in which customs and habits of the past decide wha…
material source of wealth, such as timber, fresh water, or a…
land, capital, labor, and entrepreneurship
Gross Domestic Product
total value of all the goods and services produced in a count…
Traditional Economy
an economy in which customs and habits of the past decide wha…
16 terms
Economics Vocabulary
budget
expenses
income
profit
a plan to help you save money
money you spend
money you earn
Money that is left after expenses have been paid for from a b…
budget
a plan to help you save money
expenses
money you spend
32 terms
Economics vocabulary
Economics
Money
Barter
Wants
the process by which goods and services are produced, sold, a…
coins or bills that represent a standard value and can be exc…
a system of direct exchange of goods or services that does NO…
Those goods or services that you would like to have or would…
Economics
the process by which goods and services are produced, sold, a…
Money
coins or bills that represent a standard value and can be exc…
18 terms
Economics Vocabulary
Free Trade Zone
GDP
Services
Tariff
An area where there are no tariffs
The total value of all goods and services produced in one year
Something someone does for you
Tax on imports
Free Trade Zone
An area where there are no tariffs
GDP
The total value of all goods and services produced in one year
24 terms
Economics Vocabulary
traditional economy
command economy
market economy
mixed economy
people produce only what they need to survive by farming, hun…
the government controls all factors of the economy
economic decisions are based on what people want to sell and…
an economy that falls somewhere in between a pure market and…
traditional economy
people produce only what they need to survive by farming, hun…
command economy
the government controls all factors of the economy
13 terms
Economics Vocabulary
resource
scarcity
opportunity cost
economic system
something people use to produce goods and services
not having enough resources to provide all the things people…
the thing you give up when you decide to do or have something…
a set of rules that guides the use of resources and productio…
resource
something people use to produce goods and services
scarcity
not having enough resources to provide all the things people…
14 terms
Economics Vocabulary
Earn
Budget
Income
Spending
When a person works and gets paid
A plan that shows income, spending, and saving
All the money a person earns from a job or other places
The amount of income a person uses to buy goods and services
Earn
When a person works and gets paid
Budget
A plan that shows income, spending, and saving
Economic Vocabulary
Supply
Demand
Equilibrium
Price
How much (quantity) of a product or service is produced by se…
How much (quantity) of a product or service is desired by oth…
The point where price, quantity demanded and quantity supplie…
The cost that either a buyer or seller is willing to make a t…
Supply
How much (quantity) of a product or service is produced by se…
Demand
How much (quantity) of a product or service is desired by oth…
11 terms
Economics Vocabulary
capital resources
consumer
economics
human resource
Things that must be purchased to make goods or provide servic…
A person who buys goods or services.
The study of the production, consumption, and distribution of…
The talents and skills of humans who contribute to the produc…
capital resources
Things that must be purchased to make goods or provide servic…
consumer
A person who buys goods or services.
9 terms
Economic vocabulary
a place for keeping and transferring a…
personal belonging like money,house,ca…
a small plastic card the bank give you…
a plastic card with your signature on…
bank
asset
credit card
debit card
a place for keeping and transferring a…
bank
personal belonging like money,house,ca…
asset
17 terms
Economics Vocabulary
economy
good
service
producer
the way people manage money and resources for the production…
a product that satisfies a demand
the performance or act of doing something that satisfies a de…
the person who provides a good or service that satisfies a de…
economy
the way people manage money and resources for the production…
good
a product that satisfies a demand
8 terms
Economics Vocabulary
economics
buyer
exchange
seller
the study of how people use money, goods, and services
a person who gives money or trades items for things he or she…
to trade or give up one item for another item
a person who takes money or other items in exchange for thing…
economics
the study of how people use money, goods, and services
buyer
a person who gives money or trades items for things he or she…
16 terms
Economics Vocabulary
Manufacture
export
import
bank
make goods
send out goods
bring in goods
a building that keeps your money safe
Manufacture
make goods
export
send out goods
15 terms
Economics Vocabulary
Basic needs
Consumer
goods
income
These are the things people cannot live without, such as food…
A person who purchases goods and services for personal use
Items purchased to satisfy needs and wants
earnings from work or investments
Basic needs
These are the things people cannot live without, such as food…
Consumer
A person who purchases goods and services for personal use
20 terms
Economics Vocabulary
natural resources
human resources
capital goods
entrepreneur
The resources that nature provides. They include minerals, tr…
The talents and skills of human beings that contribute to the…
Man made things needed to produce goods and services such as…
A person who organizes a new business.
natural resources
The resources that nature provides. They include minerals, tr…
human resources
The talents and skills of human beings that contribute to the…
22 terms
Economics Vocabulary - Chapter 1
Need
Want
Economics
Scarcity
Something that you have to have to survive... Examples: Food, sh…
An item you desire but you do not have to have for survival... E…
The study of how People satisfy their needs and wants by maki…
results from the combination of limited resources and unlimit…
Need
Something that you have to have to survive... Examples: Food, sh…
Want
An item you desire but you do not have to have for survival... E…
8 terms
Economics Vocabulary
Barter
Income
Opportunity Cost
Credit
The exchange of goods or services for other goods or services…
Money received on a regular basis for work or investments.
What a person sacrifices when they choose one option over ano…
To buy something and promise to pay for it later.
Barter
The exchange of goods or services for other goods or services…
Income
Money received on a regular basis for work or investments.
12 terms
Economics Vocabulary
Data
Export
Import
Natural Resources
a body of information, facts, statistics
goods sold by producers in one country to buyers in another c…
goods from a foreign country brought into a country for use o…
material found in nature, such as minerals, soil and oil
Data
a body of information, facts, statistics
Export
goods sold by producers in one country to buyers in another c…
10 terms
Economic Vocabulary
Supply
Demand
Equilibrium
Price
How much (quantity) of a product or service is produced by se…
How much (quantity) of a product or service is desired by buy…
The point where price, quantity demanded and quantity supplie…
The cost that either a buyer or seller is willing to make a t…
Supply
How much (quantity) of a product or service is produced by se…
Demand
How much (quantity) of a product or service is desired by buy…
16 terms
Economics Vocabulary
consumer
goods
services
resources
someone who uses goods or services
something we buy
something we pay for someone to do for us
what we use to make goods or provide services
consumer
someone who uses goods or services
goods
something we buy
15 terms
Economics Vocabulary
Specialization
Incentives
Banking
Entrepreneurship
When workers focus on performing separate tasks and, as a res…
a cost or benefit that motivates a decision or action by cons…
Industry involved with conducting financial transactions, i.e…
a characteristic of people who assume the risk of organizing…
Specialization
When workers focus on performing separate tasks and, as a res…
Incentives
a cost or benefit that motivates a decision or action by cons…
9 terms
Economics vocabulary
forgone
economy
premises
warehouse
przesądzony, pewny, utracony
gospodarka
siedziba firmy
hala magazynowa
forgone
przesądzony, pewny, utracony
economy
gospodarka
29 terms
Economics Vocabulary
Capital Resouces
Consumer
Economics
Demand
Goods made and used to produce other goods and services.
A person who purchases goods and services for personal use.
The branch of knowledge concerned with the production, consum…
An insistent and peremptory request, made as if by right.
Capital Resouces
Goods made and used to produce other goods and services.
Consumer
A person who purchases goods and services for personal use.
22 terms
Economics: Unit 1 Vocabulary
Scarcity
Economics
Land
Human Capital
A limited amount of a particular item.
The study of choice under the condition of scarcity (scarce r…
Any natural resource that comes from the Earth (e.g. water, g…
A particular skill that a person acquires (e.g. medicine, law…
Scarcity
A limited amount of a particular item.
Economics
The study of choice under the condition of scarcity (scarce r…
25 terms
Economics Vocabulary
economics
needs
want
scarcity
the study of how people use resources to meet their wants and…
something everyone has to have to survive in the present time…
thing desired not necessarily needed to survive.
the condition of not being able to have all the goods and ser…
economics
the study of how people use resources to meet their wants and…
needs
something everyone has to have to survive in the present time…
33 terms
Economics Vocabulary
Scarcity
Human resource
natural resource
opportunity cost
Shortage or shortness of supply; not enough of something
Workers, labor, or people who work for a business
Something found in nature that is useful to humans
What you had to give up
Scarcity
Shortage or shortness of supply; not enough of something
Human resource
Workers, labor, or people who work for a business
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