Economics Basics Flashcard

Front

What is the definition of 'Economy'?

Back

How a region manages its resources to produce and distribute goods and services.

Front

Which of the following best describes 'Goods'?

Back

Physical items made or grown to be sold.

Front

What are 'Services'?

Back

Activities done for others.

Front

Who is a 'Consumer'?

Back

Someone who buys or uses goods and services.

Front

What is the role of a 'Producer'?

Back

Someone who makes goods or provides services.

Front

What are 'Natural Resources'?

Back

Materials from nature.

Front

What is a 'Human Resource'?

Back

Labor and skills people provide for production.

Front

What are 'Capital Resources'?

Back

Tools, machines, and buildings used to produce goods.

Front

What does 'Scarcity' mean?

Back

Not having enough resources to satisfy all wants and needs.

Front

What is 'Supply'?

Back

How much of a product is available.