Economics Vocabulary Flashcard

Front

What is the production, distribution, and consumption of goods and services known as?

Back

Economics

Front

What term describes something you buy that you can hold or touch?

Back

Goods

Front

What do you call something you pay for someone else to do for you?

Back

Services

Front

What is the term for goods that another country makes and brings into the country?

Back

Import

Front

What do you call goods that are leaving the country to be sold in another country?

Back

Export

Front

What is money in the form of paper bills and coins used as a method of payment called?

Back

Currency

Front

Which of the following is NOT a service? Haircut, Car repair, Buying a book, House cleaning

Back

Buying a book

Front

Which of the following is an example of an import?
Options:
Locally grown vegetables
Foreign-made cars
Homemade crafts
Local bakery products

Back

Foreign-made cars

Front

What are capital goods?

Back

Goods used in producing other goods

Front

What is bartering?

Back

A system of exchange without money