Economic Concepts Flashcards

Front

Agriculture

Back

Obtaining raw material from the ground

Front

Manufacturing

Back

Making goods/products from raw materials

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Services

Back

Performing a task for a person or business

Front

Wholesale

Back

Selling products in large quantity

Front

Retail

Back

Selling products to consumers

Front

Supply and Demand

Back

The price of a good depends on how much people want it and how much there is of it

Front

Scarcity

Back

When resources and products are in low supply

Front

Communist Economy

Back

An economic system in which the government plans/controls a country’s economy

Front

Global Interdependence

Back

Countries are dependent upon each other to supply raw materials, goods & services that they need

Front

Free Enterprise Economy

Back

An economic system where citizens and businesses make most economic decisions and the government plays a limited role