Commerce Plaza Economic Vocabulary Flashcard

Front

What is the study of making, buying, and selling goods or services?

Back

Economics

Front

Which of the following is a need for survival? Toys, Movie tickets, Food, Video games

Back

Food

Front

What is a want?

Back

Something not necessary for survival

Front

What are resources?

Back

What is available to you as a consumer

Front

When are resources limited and not many are left?

Back

Scarcity

Front

What are goods?

Back

Things we use in our daily life

Front

What are services?

Back

When someone else does the work for us

Front

What is distribution?

Back

The delivery of goods to the consumer

Front

What is consumption of goods?

Back

When a consumer buys and uses a product

Front

What is supply in economics?

Back

When manufacturing produces goods for consumers