Mr. King's - Economic Terms and Concepts Flash Cards

The study of how people, businesses and countries use limited resources, such as money and materials. There are different types of economic systems that all answer the 3 questions: What to produce, How to produce, For whom to produce?

• Economics

• Supply

• Abundance

People who use the goods and services

• human capitol

• Demand

• Specialization

• Consumers

Money that remains after all the costs of producing a product have been paid

• Currency

• Abundance

• Profit

• Surplus

The amount of items to be sold

• Supply

• Surplus

• Capital Goods

• GDP

The amount of interest in the item

• Supply

• Demand

• Profit

• Surplus

The relationship between consumer needs and the amount of items that is available to be sold.

• Supply/Demand

• Currency

• Standard of living

• Human Capital

Not enough items for the demand

• Surplus

• Supply

• Abundance

• Scarcity

A large amount.

Ex: If I have 130 students, I have an abundance of students

• Demand

• Abundance

• Surplus

• Profit

More than what is needed. If I have 35 students and 40 folders, I have a surplus of 5 folders

• Surplus

• Profit

• Abundance

• Demand

Items used to create the product or service. Can be renewable or nonrenewable

• Resources

• Profit

• Natural Resources

• Currency