1. FLASH CARDS

2. The way people use resources to meet their needs. Click for Term

3. economy

4. A physical object people want or need Click for Term

5. good

6. An action or process that has been produced. Click for Term

7. service

8. A person who uses something to satisfy his or her wants Click for Term

9. consumer

10. Not having enough money to pay for everything you want Click for Term

11. Economic scarcity

12. What you have to give up in order to get the things you want most Click for Term

13. Opportunity cost

14. Making goods or providing services Click for Term

15. production

16. Raw materials such as coal, iron ore, trees and water Click for Term

17. Land or natural resources

18. The work that people do to produce goods and services Click for Term

19. labor

20. Machinery, tools, and factories used to produce goods and services Click for Term

21. capital

22. People or businesses who risk their money, time and energy to put land, labor, and capital to good use. Click for Term

23. enterprise

24. One who organizes and manages a large scale business undertaking Click for Term

25. entrepreneur

26. The gain from business; what is left after all the bills are paid Click for Term

27. profit

28. Pay or compensation for doing a job Click for Term

29. Wage(s)

30. The amount for which a thing is sold or can be bought Click for Term

31. price

32. Amount of goods sold Click for Term

33. sales

34. Meeting of people for buying and selling; center of trade Click for Term

35. market

36. Price of one ounce of a product (total price divided by the number of ounces) Click for Term

37. Unit price

38. To trade goods for goods without using money Click for Term

39. barter

40. A standard of value and a medium of exchange Click for Term

41. money

42. A bank’s bank Click for Term

43. Federal Reserve

44. A fee paid for borrowing money Click for Term

45. interest

46. exclusive ownership through legal privilege, command of supply Click for Term

47. monopoly

48. a period of low general economic activity marked especially by rising levels of unemployment Click for Term

49. depression

50. an increase in the volume of money and credit relative to available goods and services resulting in a continuing rise in the general price level Click for Term

51. Inflation

52. Click for Term