Economics Flashcard

Front

What is profit?

Back

Profit is the money made by a business after all expenses are paid.

Front

What does labor represent in business?

Back

Labor represents the human component of production in business.

Front

What is interdependence?

Back

Interdependence means being related in such a way that each needs or depends on the other.

Front

What does tangible mean?

Back

Tangible means capable of being touched.

Front

What is an economy?

Back

An economy describes the way a country manages its money and resources to produce, buy, and sell goods and services.

Front

What is capital in economics?

Back

Capital refers to the financial assets or resources that businesses use to produce goods and services.

Front

What are raw materials?

Back

Raw materials are the basic materials from which products are made.

Front

What is the role of a consumer in an economy?

Back

A consumer is someone who purchases goods and services for personal use.

Front

What is a market?

Back

A market is a place where buyers and sellers come together to exchange goods and services.

Front

What is supply?

Back

Supply is the total amount of a good or service that is available for purchase.