Front

What is capital?

Back

Money, property, or other resources owned by a person, family, or business.

Front

What are wants?

Back

Goods or services that a person may desire, but that are not essential for life, such as toys, games, or candy.

Front

What is a salary?

Back

A set payment that a person receives in exchange for work performed.

Front

What are needs?

Back

Requirements; something necessary for life, such as food, water, shelter, and clothing.

Front

What is a savings plan?

Back

A plan to regularly put aside money for a specific purpose.

Front

What is an expense?

Back

Money spent on goods or services.

Front

What is profit?

Back

The money earned after all expenses are paid.

Front

What is human capital?

Back

The skills, knowledge, and experience possessed by an individual.

Front

What is scarcity?

Back

The limited availability of resources to meet unlimited wants.

Front

What is opportunity cost?

Back

The value of the next best alternative that is given up when making a choice.