Economics Basics Flashcard

Front

What is economics?

Back

The study of how people meet their wants and needs

Front

What are goods?

Back

Physical products

Front

What are services?

Back

Helpful or valuable actions

Front

Who are producers?

Back

People who create or produce goods or provide services

Front

Who are consumers?

Back

Those who buy goods and services

Front

What is profit?

Back

A financial gain

Front

What is opportunity cost?

Back

The cost of what you have to give up.

Front

What is a traditional economy?

Back

Economic decisions are based on group's customs and values and often using bartering and trading.

Front

What is a market economy?

Back

Based on principles of freedom, competition and profit

Front

What is a command economy?

Back

Government closely controls the economy