Economics

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Author:
ccoe
ID:
98523
Filename:
Economics
Updated:
2011-08-26 14:35:07
Tags:
6th grade
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Description:
Economics terms
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  1. establishes how a country produces and distributes goods and services
    economic system
  2. decision making scarcity, opportunity cost and you
    economics
  3. a person who buys goods or services to satisfy wants
    consumer
  4. mutally dependent on each other financially
    economic interdependence
  5. something you can hold or touch
    goods
  6. one who organizes, manages, and assumes the risks of a new business
    entrepreneur
  7. a sum of money alloted for a particular use; a plan for saving and spending money
    budget
  8. financial gain received as wages/salaries, rent, interest, and/or profit
    income
  9. not being able to have everything wanted
    making choices necessary---when supply is less than demand
    scarcity
  10. in making a decison the most valuable alternative not chosen
    opportunity cost
  11. getting less of one thing in order to get a little more of another
    trade offs
  12. something that satisfies one's wants
    benefit
  13. desires that can be satisfied by consuming a good, service, or leisure activity
    wants
  14. necessities--food, clothing, or shelter
    needs
  15. an aspect of the physical environment that people value and use
    resource
  16. the use of money to buy goods and services
    spending
  17. the quantity of resources, goods, or services that sellers offer at various prices at a particular time
    supply
  18. after producinga and selling a good or service, a profit is the difference between revenue and the cost of production
    profit
  19. if costs are greater than revenue, profit is negative and you have a loss
    loss
  20. something that is given up to satisfy your wants
    cost
  21. the number of consumers willing and able to purchase a good or service at a given price
    demand
  22. the income from an investment
    revenue
  23. promising to repay a given amount of money, often with interest
    borrow

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