Econ Vocab Group Learning Check

Front

Specific business branch providing a product or service

Back

Industry

Front

Not enough of a resource or product as desired.

Back

Scarcity

Front

Prices are set by comparing product availability (supply) and consumer interest, or __________.

Back

Demand

Front

Source of useful material (fur, wood, oil, etc.)

Back

Resource

Front

Mr. Korenchen chooses a movie over reading at home. This illustrates:

Back

Opportunity Cost

Front

Money taken by the government for public goods and services

Back

Taxes

Front

Mr. Korenchen buys a coffee cup (good) and learns about Minnesota History from a speaker (what?).

Back

Service

Front

In business, putting money into something for profit.

Back

Invest

Front

A person who organizes and operates a business, taking on significant financial risks.

Back

Entrepreneur

Front

An organization that helps workers get better wages and conditions

Back

Labor Union