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LEAP REVIEW
Economics
18
Economics
8th Grade
03/25/2014

Additional Economics Flashcards

 


 

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Term
the study of how people make choices about ways to use resources efficiently
Definition
Economics
Term
in economics, the ability and willingness of sellers to make products or services available for sale
Definition
supply
Term
the amount of goods and services that consumers are willing and able to buy
Definition
Demand
Term
information that is used to determine how an economy is doing
Definition
Economic indicators
Term
a steady increase in the price of goods and services
Definition
Inflation
Term
the sacrifice that is made when a person chooses between alternative goods or services (the one not chosen)
Definition
Opportunity cost
Term
in economics, the choice of one product or service over another
Definition
Trade off
Term
in economics, a situation in which people want more of something than exists
Definition
Scarcity
Term
extra money that the government takes in above the amount it spends
Definition
SURPLUS
Term
the lowest wage an employer is allowed to pay an employee ($7.25)
Definition
Minimum wage
Term
economic system in which the state owns and controls most economic resources and in which most individuals have few economic choices
Definition
Command economy
Term
economic system in which choices are made depending on the model established the way ancestors did it in the past
Definition
Traditional economy
Term
economic system in which markets are allowed to function relatively freely; sometimes called “free enterprise” or “capitalism”
Definition
Market economy
Term
the value of one currency for the purpose of conversion to another.
Definition
Exchange rate
Term
money borrowed for the purchase of a home
Definition
Mortgage
Term
a product brought into a country from another country
Definition
Import
Term
a product shipped from a country where it was produced to another country
Definition
Export
Term
in business, sending work to another country
Definition
Outsourcing
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