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Economics Flashcards
Vocabulary to help study :)
| Term | Definition |
|---|---|
| Economics | The study of decisions -- the study of how people meet their wants and needs. |
| Goods | Things that we can touch and/or use |
| Services | Things that someone or something does for another Services can provide us with goods |
| Producers | People and businesses that sell/make goods or services |
| Consumers | People who use or buy those goods or services given by a producer |
| Trade | The exchange of goods/services Typically with money |
| Barter | Trading without money |
| Market | An organized way for producers and consumers to trade goods/services Typically involves cash but not always Can be digital i.e supermarket |
| Who | Who a product is meant for, who the target audience is |
| How Many | How many of the product should be produced |
| How | How will this product be made and sold(from the factory to the store or home) |
| What | What a company should produce or provide (based off of wants and needs) |
| Factors of Production | the resources producers use to make and sell the things consumers want and need |
| Land | Natural resources Not man made Includes both renewable and nonrenewable things I.e metals, oils |
| Labor | Human effort to produce things, people who are payed to do a certain job |
| Capital | Man-Made resources Any tool, machine or man-made item that helps us do something |
| Entrepreneurship | Starting a new business People who take the risk and put all the factors of production together Similar to labor but different I.e Mark Zuckerberg |
| Supply | the amount of a good or service that is available, large supply means there is a lot |
| Demand | The want or desire for certain goods or services |
| Supply and Demand | If you have a low supply and high demand, producers will make the price higher and make more of the good or service. If there is a large supply but low demand, producers will decrease the price and make less of the good |
| Scarcity | Limited resources to meet unlimited wants and needs There is a scarcity of water in a desert |
| Opportunity cost | What you gave up when making an opportunity |
| incentive | a factor encouraging people to act a certain way money: to work a job good grades: to study |
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