Economics Jigsaw Unit 1 Flashcard

Front

This is an area intended for the production, distribution, exchange, and consumption of goods and services by different agents.

Back

Economy

Front

What type of transaction transpired when one man gave a pair of shoes for a pair of pants and a t-shirt?

Back

Barter

Front

Regarding economics, this is the subjective worth or importance placed on a good or service.

Back

Value

Front

Back

Want for the iPhone; Need for water.

Front

This is a piece of paper that represents stored or deposited legal tender and redeemable on demand for said tender (usually gold or silver coin).

Back

Banknote

Front

This is a trust-based payment not made at the time of purchase, but rather, payment at a later time or series of installments.

Back

Credit

Front

This is a place, generally administered by the state, in which metal coins are imprinted for use or storage.

Back

Mint

Front

This is a written, dated, and signed instrument which directs a bank to pay a specific sum of money to the recipient.

Back

Check

Front

This is a measure of the usefulness of a good or service.

Back

Utility

Front

This was the first wide-scale transition of human beings to a lifestyle centered around permanent settlements once agriculture had been discovered and utilized. It also began an era in which said agriculture often became the most common form of currency.

Back

Neolithic Revolution