Economic Concepts Flashcard

Front

What term describes a shortage of available resources versus the wants and needs of people?

Back

Scarcity

Front

Who is a person that buys and uses goods?

Back

Consumer

Front

What are economic acts people perform for others that do not involve production of goods?

Back

Service

Front

What are natural resources?

Back

Something found in nature valuable to humans

Front

What is the act or process of buying or selling goods within a country or between countries?

Back

Trade

Front

What are items such as food, water, and shelter that we need for survival called?

Back

Needs

Front

What are things that most people like to have but do not need to survive?

Back

Wants

Front

Which branch of government helps people solve arguments and is made up of court judges?

Back

Judicial

Front

Which branch of government is made up of over 100 congressmen and makes laws for the nation?

Back

Legislative

Front

Which symbol of the USA is known for its bell sound?

Back

Liberty Bell