The amount of a product or resource that the producer is willing and able to make.

The amount of a product or resources that the consumer is willing and able to buy.

The combining of human, natural, capital, and entrepreneurship resources.

Buying or using goods and services.

Where supply and demand meet on a graph.

Things people do not need but desire.

Things people require for survival.

Physical things produced in an economy.

Acts that people are willing to do for money.

Those who buy goods and services.

Those who produce or make goods and services.

Natural resources/Land

The land and anything produced on it.

Human resources/Labor

The time, effort, energy, and labor needed to produce a product.

Something produced in an economy used to produce something else.

A person who takes the risks and incentives needed to create a business.

The possibility of a bad side effect.

A place where goods and services are bought and sold.

Markets exist without unnecessary government interference.

Owners of the resources determine how those resources are used.

The amount of money made off of a product after the cost of production has been paid. (Formula: Income - Cost=Profit).

Consumers determine through their purchases what will and will not be sold in an economy.

Rivalry between businesses creates lower prices and better quality goods.

An economy in which the consumers make the major decisions. Also called Consumer planned Economy.

An economy where some things are controlled by government and others are controlled by consumers.

An economy in which the government makes the major decisions. Also called centrally planned economy.

Businesses controlled by people.

Businesses controlled by the government.

Producers and supplier of services in our economy. Maybe owned and operated by one or more persons. Exists to make a profit.

An economy dominated by tradition. Things that have been always will be.

A system that allows the exchange of goods and services for something of value.

The process of improving the well-being of people in a country.

Gross Domestic Product (GDP) & GDP per Capita

The total value of goods and services produced by a country (GDP), and the average amount per person (GDP per capita).

The percentage of people who can read and write in a country.

The average number of years a person is expected to live in a country.

Economics Basics Flashcards

Student preview

41 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Scarcity

Back

Resources are limited compared to people's wants and needs. Because of this, we must make choices on how to use what we have.

2.

FLASHCARD QUESTION

Front

Resources

Back

The things needed to produce goods and services. These are called the factors of production: human, natural, capital, and entrepreneurship.

3.

FLASHCARD QUESTION

Front

Choice

Back

Picking from others. Scarcity requires us to make choices.

4.

FLASHCARD QUESTION

Front

Opportunity cost

Back

Scarce resources are used for one purpose instead of the next best purpose.

5.

FLASHCARD QUESTION

Front

Price

Back

How much the consumer is willing to pay.

6.

FLASHCARD QUESTION

Front

Incentives

Back

Something that motivates someone. Example: buy one get one free sales.

7.

FLASHCARD QUESTION

Front

Supply and Demand

Back

Determines price.

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