Shared Flashcard Set

Details

Economics
Vocabulary
30
History
7th Grade
04/14/2011

Additional History Flashcards

 


 

Cards

Term
Goods
Definition
Things people buy or sell
Term
Subsistence Farming
Definition
Farming that brings little or no profit
Term
Services
Definition
Non material equivalent of a good in economics or in marketing
Term
Demand
Definition
How many people want something
Term
Supply
Definition
How much of something is available
Term
Wealth
Definition
A great quantity of money
Term
Scarcity
Definition
Shortness of supplies
Term
Oppurtunity Cost
Definition
The difference between what you save and what you spend
Term
Interest
Definition
Banks give you extra money for allowing them to use your money, or they charge you for not paying your charge account
Term
Natural Resources
Definition
Things found from nature
Term
Renewable Resource
Definition
A resource you can use over and over
Term
Recyclable Resource
Definition
A resource you can make into something else using the same materials
Term
Primary Goods
Definition
The raw material you start with
Term
Secondary Goods
Definition
Taking the raw material and making into a finished product
Term
Tertiary Goods
Definition
Taking the final good and bringing it to the consumer
Term
Final Good
Definition
The finshed product
Term
Workforce
Definition
The total number of people that can be employed
Term
Imports
Definition
Goods or services that a country buys from another country
Term
Exports
Definition
The goods or services that a country sells to another country
Term
Assets
Definition
The resources of a person or business
Term
Capital
Definition
The worth of a business after their bills are paid
Term
Developing Nation
Definition
Don't have a lot of exports or money
Term
Under Developed Nation
Definition
Economic under developement lack of jobs, healthcare, food, shelter
Term
Developed nation
Definition
Countries that have a high level of manufacturing and exports
Term
non-renewable force
Definition
metals and other minerals that can't be replaced once they are used.
Term
consumer goods
Definition
products that are taken in and used
Term
interdependence
Definition
reliance on two or more things
Term
competition
Definition
rivalry between businesses for customers
Term
free enterprise
Definition
an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand with a minimum of governmental intervention and regulation.
Term
profit
Definition
money a company has after all of its expenses are paid
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