Economic Ch 1 Flashcards

Front

Economy

Back

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

Front

Mortgage

Back

A legal agreement in which a person borrows money to buy a house and pays back the money over time.

Front

Commute

Back

To travel regularly to and from a place of work.

Front

Capital

Back

Money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a business.

Front

Raw materials

Back

Substances used in the primary production or manufacture of goods.

Front

Tangible

Back

Capable of being touched.

Front

Entrepreneur

Back

A person who starts a business and is willing to risk loss in order to make money.

Front

Specialize

Back

To develop a specific set of skills for a single purpose.

Front

Interdependence

Back

The state of being related in such a way that each needs or depends on the other.

Front

Mutually reliant

Back

Depending on one another for something.