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Econ. Final
Vocab for chapters 18, 19, 21, 23 in Civics Today Book
20
Economics
9th Grade
06/04/2013

Additional Economics Flashcards

 


 

Cards

Term

 

 

Economics

 

Definition

The study of how individuals or groups use scarce resources to fufill their wants and needs.

Term

 

 

Scarcity

Definition
Not having enough resources to produce.
Term

 

 

Trade-off

Definition
The alternative you face when you choose one thing or another.
Term

 

 

Wants

Definition
Something we would like to have, but is not required for living
Term

 

 

Needs

Definition
Something that we must have in order to live. Ex: Food
Term

 

 

Goods

Definition
Tangible product that we use to satisfy our wants and needs
Term

 

 

Services

Definition
Work performed by a person to to satisfy another persons wants or needs.
Term

 

 

Supply

Definition
The amount of goods and services that producers are able and willing to sell.
Term

 

 

Demand

Definition
The willingness and ability to buy a good or service.
Term

 

 

Equalibrium

Definition
The price at which the amount producers are willing to supply is equal to the amount the consumers are willing to buy.
Term

 

 

Shortage

Definition
Quanity demanded is greater than quanity supplied.
Term

 

 

Surplus

Definition
When quanity supplied is is greater than quanity demanded.
Term

 

 

Substitute

Definition
Competing product or service that can be used in place of another product or service.
Term

 

 

Law of Supply

Definition
If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads to an increased price.
Term

 

 

Law of Demand

Definition
If supply is held constant, an increase in demand leads to an increased market price, while a decrease in demand leads to a decreased market price.
Term

 

 

Law of Supply and Demand

Definition
The economic principle that the price charged for a product is determined by the level of demand and the quantity available.
Term

 

 

Compliment

Definition
A product often used with another product, for example: coffee and sugar.
Term

 

 

Inflation

Definition
Sustained increase in the general level of prices.
Term

 

 

Deflation

Definition
The reduction of general economic activity, including lower prices and a reduced supply of money and credit.
Term

 

 

Consumer Price Index

Definition
Government-issued index of the retail prices of basic household goods and services.
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