Shared Flashcard Set

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Goal 7 Extra Credit
Mrs.Russ
10
Economics
10th Grade
03/17/2010

Additional Economics Flashcards

 


 

Cards

Term
Scarcity
Definition

having a few resources of a certain thing.

 

example: gold

Term
 Assembly Line
Definition
a type of mass production. that involves many works and specializtion
Term
Division of Labor
Definition
dividing labor into a job for each individual and what they specialize in
Term
Specialization
Definition

-specializing in a certain area of work.

 

example: pediatrician

Term
Mariginal Cost
Definition
Finding the cost of one particular item
Term
Demand
Definition
- a want for an item
Term
Salary
Definition
how much you are payed throughout a year
Term
White Collar
Definition

a job that requires education

 

examples: doctor, lawyer

Term
Blue Collar
Definition

a job that doesn't require much education

 

example: waitress

Term
Need
Definition
something that you must have and is required for survival
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