Economy Flashcard

Front

Someone who makes / sells goods / services

Back

Producer

Front

Limited government involvement in the economy

Back

Market Economy

Front

The way goods and services are produced and consumed

Back

Economy

Front

Someone who buys goods/services

Back

Consumer

Front

Money gained by selling something for more than it cost to make

Back

Profit

Front

The amount of something that is available

Back

Supply

Front

The number of consumers who want/need something

Back

Demand

Front

Limited number of resources to meet unlimited wants and needs

Back

Scarcity

Front

The benefit you give up by choosing one thing over another

Back

Opportunity cost

Front

Paying the bank to let you borrow money; how banks make profits

Back

Loan