Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
PRODUCER
|
A business that makes a product.
|
|
SCARCITY
|
When a product is hard to find
|
|
INCOME
|
Limited amount of money that someone earns for their work
|
|
ECONOMICS
|
The study of how we use money
|
|
SPECIALIZATION
|
Doing one thing very well in a business
|
|
SURPLUS
|
When a product is easy to find
|
|
CAPITAL GOODS
|
Tools needed for making things (tractors, cars, computers, etc)
|
|
OPPORTUNITY COST
|
What a person gives up by choosing one way of using resources instead of another (this or that
|
|
LABOR
|
The work that someone does
|
|
CONSUMER
|
A person who buys a product
|
|
BUDGET
|
A plan for how much money will be spent on each type of item that a person must buy
|
|
RESOURCE
|
Something that can e used in a business (tools, cars, people, money, etc)
|
|
SUPPLY
|
The amount of things that exists
|
|
ENTREPRENEUR
|
Someone who takes a risk to start a business
|
|
EMPLOYEE
|
Someone who works for an employer
|
|
DEMAND
|
The amount of products that people are willing to buy
|
|
EMPLOYER
|
A person who needs to hire someone
|
|
SALES TAX
|
A tax on goods that you buy
|