econ vocab

an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply

• scarcity

• demand

• supply and demand

• supply

whatever must be given up to obtain some item

• trade

• barter

• inflation

• opportunity cost

money received, especially on a regular basis, for work or through investments.

• income

• capital

• costs

• revenue

An amount of money paid to an employee at a specified rate per hour worked

• supply

• wages

• scarcity

• labor

the economic crisis beginning with the stock market crash in 1929 and continuing through the 1930s

• the great recession

• the super bowl

• the roaring 20s

• the great depression

Beginning in Great Britain in the 1780s, this revolution gave rise to textiles, railroads, iron, and coal

• the second industrial revolution

• the first industrial revolution

• the third industrial revolution

• the American revolution

Beginning in the mid-1900s, this revolution started the rise of electronics like telecommunications and the computer.

• the third industrial revolution

• the first industrial resolution

• the sixth industrial revolution

• the American revolution

Limited quantities of resources to meet unlimited wants

• limits

• opportunity costs

• labor

• scarcity

Beginning 1871 through 1914 this revolution involved development of chemical, electrical, oil, and steel industries. Mass production of consumer goods also developed at this time by using machines to manufacture goods

• the second industrial revolution

• the fourth industrial revolution

• the American revolution

• the first industrial revolution

This revolution is the phase of industrialization known for robotics, artificial intelligence, 3D printing, nanotechnology, and biotechnology:

• the fourth industrial revolution

• skynet

• the great revolution

• the Russian revolution