Economics Basics

Front

goods

Back

touchable items that can be bought or sold

Front

services

Back

Intangible actions people perform to help others

Front

industry

Back

all the businesses that are related to the same good or service

Front

capital

Back

objects used to make a product or perform services

Front

entrepreneur

Back

A person who risks starting a business to earn a profit

Front

economy

Back

The way goods & services are made, sold, & used in a society

Front

supply

Back

The quantity of something that producers have available for sale

Front

demand

Back

the desire consumers have for buying a good or service

Front

market equilibrium

Back

the price point where supply and demand are equal

Front

scarcity

Back

When a limited supply of a good or service is available for sale