{
 "source": "https://peabody.kids/flashcards/economics-vocabulary",
 "id": "economics-vocabulary",
 "title": "Economics Vocabulary",
 "category": "social-studies",
 "subject": "Economics",
 "levels": [
  "6-8",
  "9-12"
 ],
 "description": "Core economics words: scarcity, supply, demand, markets, money, trade, and the economy.",
 "tags": [
  "economics",
  "supply and demand",
  "markets"
 ],
 "frontLabel": "Term",
 "backLabel": "Definition",
 "cards": [
  [
   "Economics",
   "The study of how people make choices about limited resources"
  ],
  [
   "Scarcity",
   "Not having enough resources to meet everyone's wants"
  ],
  [
   "Resources",
   "Land, labor, capital and entrepreneurship used to make goods and services"
  ],
  [
   "Natural resources",
   "Materials from nature, like water, oil and soil"
  ],
  [
   "Labor",
   "Human work, both physical and mental"
  ],
  [
   "Capital",
   "Tools, machines and buildings used to make goods"
  ],
  [
   "Entrepreneur",
   "A person who starts a business and takes risks"
  ],
  [
   "Needs",
   "Things required to live, like food and shelter"
  ],
  [
   "Wants",
   "Things we desire but do not need"
  ],
  [
   "Goods",
   "Physical products that satisfy wants"
  ],
  [
   "Services",
   "Work done for others"
  ],
  [
   "Consumer",
   "A person who buys and uses goods and services"
  ],
  [
   "Producer",
   "A person or business that makes goods or services"
  ],
  [
   "Opportunity cost",
   "The next best thing you give up when you make a choice"
  ],
  [
   "Trade-off",
   "Giving up one thing to get another"
  ],
  [
   "Incentive",
   "Something that motivates people to act"
  ],
  [
   "Supply",
   "How much of a good sellers are willing to offer at each price"
  ],
  [
   "Demand",
   "How much of a good buyers are willing to buy at each price"
  ],
  [
   "Law of demand",
   "When price rises, quantity demanded falls"
  ],
  [
   "Law of supply",
   "When price rises, quantity supplied rises"
  ],
  [
   "Equilibrium price",
   "The price where supply equals demand"
  ],
  [
   "Shortage",
   "When demand is greater than supply"
  ],
  [
   "Surplus",
   "When supply is greater than demand"
  ],
  [
   "Price",
   "The amount of money asked for something"
  ],
  [
   "Market",
   "Place or system where buyers and sellers trade"
  ],
  [
   "Competition",
   "Businesses trying to win customers by offering better prices or quality"
  ],
  [
   "Monopoly",
   "When only one business sells a product"
  ],
  [
   "Profit",
   "Money left after paying all costs"
  ],
  [
   "Revenue",
   "Money a business takes in from sales"
  ],
  [
   "Cost",
   "What it takes to make or buy something"
  ],
  [
   "Fixed cost",
   "A cost that stays the same, like rent"
  ],
  [
   "Variable cost",
   "A cost that changes with output, like materials"
  ],
  [
   "Wage",
   "Pay for work"
  ],
  [
   "Salary",
   "Fixed pay for a job, usually yearly"
  ],
  [
   "Income",
   "Money received by a person or household"
  ],
  [
   "Budget",
   "A plan for earning, saving and spending money"
  ],
  [
   "Saving",
   "Setting money aside for later"
  ],
  [
   "Investment",
   "Putting money into something expecting it to grow"
  ],
  [
   "Interest",
   "Money paid for borrowing, or earned on savings"
  ],
  [
   "Credit",
   "Borrowing money or buying now to pay later"
  ],
  [
   "Debt",
   "Money that is owed"
  ],
  [
   "Loan",
   "Money borrowed that must be repaid"
  ],
  [
   "Bank",
   "Business that holds money and makes loans"
  ],
  [
   "Inflation",
   "A general rise in prices over time"
  ],
  [
   "Deflation",
   "A general fall in prices"
  ],
  [
   "Recession",
   "A period when the economy shrinks"
  ],
  [
   "Depression",
   "A very severe, long economic downturn"
  ],
  [
   "GDP",
   "Gross domestic product: total value of goods and services a country produces in a year"
  ],
  [
   "Unemployment",
   "When people who want jobs cannot find them"
  ],
  [
   "Tax",
   "Money paid to the government"
  ],
  [
   "Tariff",
   "A tax on imported goods"
  ],
  [
   "Trade",
   "Exchange of goods and services"
  ],
  [
   "Import",
   "A good bought from another country"
  ],
  [
   "Export",
   "A good sold to another country"
  ],
  [
   "Barter",
   "Trading goods directly without money"
  ],
  [
   "Specialization",
   "Focusing on producing one thing"
  ],
  [
   "Division of labor",
   "Splitting work into tasks"
  ],
  [
   "Productivity",
   "Output per worker or per hour"
  ],
  [
   "Free market",
   "Economy where buyers and sellers decide what to produce and at what price"
  ],
  [
   "Command economy",
   "Government makes most economic decisions"
  ],
  [
   "Mixed economy",
   "Combination of private choice and government action"
  ],
  [
   "Traditional economy",
   "Decisions based on custom and habit"
  ],
  [
   "Capitalism",
   "System based on private ownership and profit"
  ],
  [
   "Socialism",
   "System where the community or government owns major industries"
  ],
  [
   "Private property",
   "Goods and land owned by individuals"
  ],
  [
   "Public goods",
   "Things everyone shares, like roads and parks"
  ],
  [
   "Externality",
   "A side effect of an activity that affects others, like pollution"
  ],
  [
   "Subsidy",
   "Government money to help support an industry"
  ],
  [
   "Regulation",
   "Government rules for businesses"
  ],
  [
   "Stock",
   "A share of ownership in a company"
  ],
  [
   "Bond",
   "A loan to a company or government that pays interest"
  ],
  [
   "Stock market",
   "Place where shares in companies are bought and sold"
  ],
  [
   "Entrepreneurship",
   "Starting and running a business"
  ],
  [
   "Standard of living",
   "How well people live based on goods, services and money"
  ],
  [
   "Global economy",
   "Trade and money flows connecting countries"
  ],
  [
   "Globalization",
   "Increasing connections among economies worldwide"
  ]
 ]
}