Economics Flashcard

Front

What does 'tangible' mean?

Back

Capable of being touched; something that has physical presence.

Front

What is 'labor' in economics?

Back

The work needed to create a good or provide a service.

Front

What is 'capital' in a business context?

Back

The money needed for workforce, machinery, and equipment.

Front

What does 'economy' refer to?

Back

The way a country manages its money and resources to produce, buy, and sell goods and services.

Front

What is the role of 'labor' in production?

Back

Represents the human component of production in business.

Front

What are 'raw materials'?

Back

The basic materials from which goods are made.

Front

Define 'profit'.

Back

The financial gain made in a transaction after all expenses are subtracted.

Front

What is 'interdependence' in economics?

Back

The reliance between different sectors or countries for goods and services.

Front

What does 'externality' mean?

Back

A side effect or consequence of an industrial or commercial activity that affects other parties.

Front

What is 'supply'?

Back

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