Economics Flashcard

Front

What are goods?

Back

Physical items that can be bought or sold

Front

What are services?

Back

Actions or activities done for others

Front

What is the difference between wants and needs?

Back

Wants are things people would like to have, needs are essential.

Front

What does scarcity mean?

Back

Limited resources available

Front

What is supply?

Back

The amount of a product available

Front

What is demand?

Back

The amount people want to buy

Front

Who are producers?

Back

People or businesses that make or sell goods and services

Front

Who are consumers?

Back

People who buy goods and services

Front

What is a market economy?

Back

Economic decisions are made by individuals and businesses

Front

What is a command economy?

Back

Economic decisions are made by the government