Flashcards › Social Studies › Economics
Economics Vocabulary
Core economics words: scarcity, supply, demand, markets, money, trade, and the economy.
0 of 76 known
76 cards
- EconomicsTermThe study of how people make choices about limited resources
- ScarcityTermNot having enough resources to meet everyone's wants
- ResourcesTermLand, labor, capital and entrepreneurship used to make goods and services
- Natural resourcesTermMaterials from nature, like water, oil and soil
- LaborTermHuman work, both physical and mental
- CapitalTermTools, machines and buildings used to make goods
- EntrepreneurTermA person who starts a business and takes risks
- NeedsTermThings required to live, like food and shelter
- WantsTermThings we desire but do not need
- GoodsTermPhysical products that satisfy wants
- ServicesTermWork done for others
- ConsumerTermA person who buys and uses goods and services
- ProducerTermA person or business that makes goods or services
- Opportunity costTermThe next best thing you give up when you make a choice
- Trade-offTermGiving up one thing to get another
- IncentiveTermSomething that motivates people to act
- SupplyTermHow much of a good sellers are willing to offer at each price
- DemandTermHow much of a good buyers are willing to buy at each price
- Law of demandTermWhen price rises, quantity demanded falls
- Law of supplyTermWhen price rises, quantity supplied rises
- Equilibrium priceTermThe price where supply equals demand
- ShortageTermWhen demand is greater than supply
- SurplusTermWhen supply is greater than demand
- PriceTermThe amount of money asked for something
- MarketTermPlace or system where buyers and sellers trade
- CompetitionTermBusinesses trying to win customers by offering better prices or quality
- MonopolyTermWhen only one business sells a product
- ProfitTermMoney left after paying all costs
- RevenueTermMoney a business takes in from sales
- CostTermWhat it takes to make or buy something
- Fixed costTermA cost that stays the same, like rent
- Variable costTermA cost that changes with output, like materials
- WageTermPay for work
- SalaryTermFixed pay for a job, usually yearly
- IncomeTermMoney received by a person or household
- BudgetTermA plan for earning, saving and spending money
- SavingTermSetting money aside for later
- InvestmentTermPutting money into something expecting it to grow
- InterestTermMoney paid for borrowing, or earned on savings
- CreditTermBorrowing money or buying now to pay later
- DebtTermMoney that is owed
- LoanTermMoney borrowed that must be repaid
- BankTermBusiness that holds money and makes loans
- InflationTermA general rise in prices over time
- DeflationTermA general fall in prices
- RecessionTermA period when the economy shrinks
- DepressionTermA very severe, long economic downturn
- GDPTermGross domestic product: total value of goods and services a country produces in a year
- UnemploymentTermWhen people who want jobs cannot find them
- TaxTermMoney paid to the government
- TariffTermA tax on imported goods
- TradeTermExchange of goods and services
- ImportTermA good bought from another country
- ExportTermA good sold to another country
- BarterTermTrading goods directly without money
- SpecializationTermFocusing on producing one thing
- Division of laborTermSplitting work into tasks
- ProductivityTermOutput per worker or per hour
- Free marketTermEconomy where buyers and sellers decide what to produce and at what price
- Command economyTermGovernment makes most economic decisions
- Mixed economyTermCombination of private choice and government action
- Traditional economyTermDecisions based on custom and habit
- CapitalismTermSystem based on private ownership and profit
- SocialismTermSystem where the community or government owns major industries
- Private propertyTermGoods and land owned by individuals
- Public goodsTermThings everyone shares, like roads and parks
- ExternalityTermA side effect of an activity that affects others, like pollution
- SubsidyTermGovernment money to help support an industry
- RegulationTermGovernment rules for businesses
- StockTermA share of ownership in a company
- BondTermA loan to a company or government that pays interest
- Stock marketTermPlace where shares in companies are bought and sold
- EntrepreneurshipTermStarting and running a business
- Standard of livingTermHow well people live based on goods, services and money
- Global economyTermTrade and money flows connecting countries
- GlobalizationTermIncreasing connections among economies worldwide
Download this deck
- CSVExcel, Google Sheets, Numbers
- Anki / Quizlet (tab-separated)Import straight into Anki or Quizlet
- JSONFor programmers and apps
- Plain textOne card a line, “front : back”, ready for Peabody's flashcard maker to print
Want paper cards? Paste the plain-text download into the flashcard maker.