Economic Vocab

Front

Specialization

Back

Performing a specific task to be efficient.

Front

Economics

Back

Study of how individuals/nations use resources to meet wants/needs.

Front

Scarcity

Back

Not enough resources for everyone.

Front

Opportunity Cost

Back

What is given up (time/money) to make or buy something.

Front

Supply

Back

The amount of a good or service that is available.

Front

Demand

Back

The amount of a good or service that the consumer wants.

Front

Imports: A good brought into a country from another country.

Back

A good brought into a country from another country.

Front

Civics

Back

The study of rights and duties of citizens

Front

Market Economy

Back

Economic system based on private ownership, free trade, and competition; minimal government involvement.

Front

Command Economy

Back

Economic system where the government makes all decisions.