Vocabulary Flashcard- Grade 8

Front

What is a 'monopoly'?

Back

Single entity dominance.

Front

How would you describe something 'ornate'?

Back

Elaborately decorated.

Front

Who is a 'shareholder'?

Back

Owner of company shares.

Front

What is the meaning of 'muster'?

Back

Assembling for a purpose.

Front

What is an 'oligopoly'?

Back

Few large firms dominance.

Front

What does 'capital' refer to in economics?

Back

Financial assets or resources.

Front

Define 'demand' in economic terms.

Back

The desire for a good or service backed by the ability to pay.

Front

What is 'supply'?

Back

The total amount of a good or service available for purchase.

Front

Explain 'market equilibrium'.

Back

The point where supply equals demand.

Front

What does 'inflation' mean?

Back

The rate at which the general level of prices for goods and services rises.