Basic Economics Vocab

Front

Economics is concerned with the _______, distribution, and consumption of goods and services.

Back

production

Front

Fill in the blank: A ______ is a place where buyers and sellers exchange goods and services.

Back

market

Front

What does the term 'scarcity' mean?

Back

The inability to satisfy all wants at the same time.

Front

Surplus means ______ or too much of a supply with not enough demand.

Back

extra

Front

Resources are factors (parts) of production that are used in the production of goods and services. _______ - found in nature

Back

NATURAL

Front

Resources are factors (parts) of production that are used in the production of goods and services. _______ - people who work

Back

HUMAN

Front

Resources are factors (parts) of production that are used in the production of goods and services. _______ - tools/equipment used

Back

CAPITAL

Front

Resources are factors (parts) of production that are used in the production of goods and services. _______ - risk/ideas for new products and business.

Back

ENTREPRENEURSHIP

Front

What is an intermediate good?

Back

A product that is combined with resources to make another product

Front

What does 'Production' mean?

Back

Making goods or providing services