occurs when one thing is exchanged for something else

a business from which people can save or borrow money.

the amount of a good or service that is available to be used

the needs and wants of a good or service

when the supply of a good or service is greater than the demand

when the demand for a good or service is greater than the supply

what you give up when making a choice

what you will get when making a choice.

the process of making or growing something for sale or use

work that people do to help produce a good or provide a service

doing one kind of job or service

dividing the production of goods and services among several workers

the process of starting and growing a business

materials from Earth that are used to support and meet the needs of living things

human-made items used to create a good or perform a service

the amount people pay in exchange for a particular good or service

money a business makes after all the costs and workers are paid

something of value that you can touch

something of value that you cannot touch

when two or more companies try to obtain the common goal of increasing profit and keeping customers

the amount of money spent during the process of the product being made. This cost will include every natural, human, and capital resource used during production.

a store or company not owned by the government

how a business encourages people to buy their product, services, or ideas

money collected by a government from its citizens

an economy that includes both government-owned businesses and private businesses

goods and services bought from other countries

goods and services sold to other countries

Economics Vocabulary Flashcards

Student preview

35 questions

Show all answers

1.

FLASHCARD QUESTION

Front

occupation

Back

a person's job where they earn money

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.K.5A

2.

FLASHCARD QUESTION

Front

economy

Back

a system in which goods and services are bought and sold

3.

FLASHCARD QUESTION

Front

good

Back

an item you can use, wear, and eat.

Tags

CCSS.L.3.2E

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.5.6

CCSS.L.6.2B

4.

FLASHCARD QUESTION

Front

service

Back

an action that someone does for others.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

5.

FLASHCARD QUESTION

Front

producers

Back

make and sell goods or services

6.

FLASHCARD QUESTION

Front

consumers

Back

buy goods and services

7.

FLASHCARD QUESTION

Front

currency

Back

money

Tags

CCSS.L.5.4B

CCSS.L.6.1E

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