Economics Flashcard Review

Front

Barter means _______________________________

Back

When you negotiate to trade a good or service for something else without using money

Front

Scarcity means _________________________

Back

When something is rare or running out

Front

Producer means _________________________

Back

A person who makes or creates a good or service

Front

Trade means ________________________________

Back

When you buy, sell, or exchange an item with someone else

Front

Consumer means __________________________

Back

A person who buys a good or service

Front

Opportunity cost means ____________________________

Back

The cost of giving up one thing for another

Front

If a lot of people want to buy something, the demand is ____________.

Back

High

Front

If very few people want to buy something, the demand is ____________.

Back

Low

Front

If the demand for an item is HIGH but the supply is LOW, the cost will ______________.

Back

Increase

Front

If the demand for an item is LOW and the supply is HIGH, the cost will ______________.

Back

Decrease