7th Grade Intro to Econ

Front

Money and goods used to help people make or do things.

Back

Capital

Front

The act of running a business and taking on the risks of that business.

Back

Entrepreneurship

Front

The amount of that something that is available.

Back

Supply

Front

The desire that a person has to buy something.

Back

Demand

Front

A lack of a resource.

Back

Scarcity

Front

What a person gives up when they choose to buy or make something.

Back

Opportunity Cost

Front

The growth in free trade between countries.

Back

Globalization

Front

An economic system based on custom.

Back

Traditional Economy

Front

An economic system in which a central government makes economic decisions.

Back

Command Economy

Front

A period of slow economic growth.

Back

Recession