Economics Flashcards

Front

__________ is the amount of a good or service available to buyers.

Back

Supply

Front

A person can earn a(n) __________, or money from working a job.

Back

Income

Front

A(n) __________ is a system that focuses on the ways in which money, goods, and services are made and used.

Back

Economy

Front

__________ means not having enough of a good or product.

Back

Scarcity

Front

A person that starts and runs a business is called a(n) __________.

Back

Entrepreneur

Front

The study of an economy or the things involved in how a society creates wealth, is __________.

Back

Economics

Front

Which of the following is NOT a type of resource in an economy? Options: Natural, Human, Capital, Space

Back

Space

Front

Producers supply a good or service based on consumer __________.

Back

demand

Front

What type of literacy is important to balancing a budget and owning a business? Options: Financial, Environmental, Historical, Scientific

Back

Financial

Front

The system where the prices of goods and services are determined by supply and demand is called:

Back

free market