Economic Concepts Flashcards

Front

Budget

Back

An estimate of income and expenses for a set period of time

Front

Founder of Amazon

Back

Jeff Bezos

Front

Decrease in supply with constant demand

Back

The price increases

Front

Definition of scarcity

Back

A shortage or lack of something

Front

Labor

Back

Work done for money

Front

First person to mass produce cars using an assembly line

Back

Henry Ford

Front

Profit

Back

Money left after paying all expenses

Front

Purpose of a budget

Back

To plan income and expenses

Front

Example of labor

Back

A person working at a job

Front

Benefits of free enterprise to consumers

Back

By providing more choices and competition