
Ch. 2 Lesson 2 Terms
Flashcard
•
History
•
7th Grade
•
Practice Problem
•
Easy
Jessica Gardiner
Used 1+ times
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14 questions
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1.
FLASHCARD QUESTION
Front
Capital
Back
Money and goods used to help people make or do things
2.
FLASHCARD QUESTION
Front
Entrepreneurship
Back
The act of running a business and taking on the risks of that business
3.
FLASHCARD QUESTION
Front
Supply
Back
The amount of a good or service that a producer wants to sell
4.
FLASHCARD QUESTION
Front
Demand
Back
The amount of a good or service that a consumer wants to buy
5.
FLASHCARD QUESTION
Front
Scarcity
Back
Lack of a resource
6.
FLASHCARD QUESTION
Front
Opportunity Cost
Back
What a person gives up when they choose to make or buy a product
7.
FLASHCARD QUESTION
Front
Traditional Economy
Back
An economic system in which custom decides what people do, make, buy, and sell
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