Economic Concepts Flashcard

Front

What are the basic requirements for survival?

Back

Needs

Front

What is the term for a location or mechanism that allows buyers to exchange economic products?

Back

Market

Front

What is the means of expressing needs?

Back

Wants

Front

What are tangible commodities referred to as?

Back

Goods

Front

What are works that are performed for someone called?

Back

Services

Front

What is it called when supply is greater than demand?

Back

Surplus

Front

What is the term for when quantity demanded equals quantity supplied?

Back

Equilibrium

Front

What is it called when demand is greater than supply?

Back

Shortage

Front

What does economic need mean?

Back

Resources needed to survive.

Front

What does economic want mean?

Back

Desires that can be satisfied by consuming a good, service, or leisure activity that are not necessary for survival.