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Economics Study Guide
Easterling, Brandenburg, Fryman, Tharp
39
Economics
6th Grade
04/28/2011

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Term
natural resources
Definition
resources that are natural and can be used by man like coal and oil
Term
human resources
Definition
people that work or provide a service to other people
Term
capital resources
Definition
tools, machines and factories used to produce goods
Term
scarcity
Definition
shortqage, want or lack
Term
renewable resources
Definition
resources that can be renewed or replaced
Term
nonrenewable resources
Definition
resources that cannot be renewed or replaced
Term
opportunity cost
Definition
the cost of passing up the next best choice when making a decision
Term
mental labor
Definition
people who provide a service using their brains instead of their hands
Term
physical labor
Definition
people who work with their hands to provide a service
Term
microeconomics
Definition
when the local people make the decisions
Term
macroeconomics
Definition
when the governement makes the decisions about how money is spent
Term
macroeconomics
Definition
when the governement makes the decisions about how money is spent
Term
allocation of resources
Definition
the distribution of resources
Term
durable goods
Definition
goods that are supposed to last a long time
Term
non-durable goods
Definition
goods that you expect to wear out quickly
Term
services
Definition
to supply with aid or information for someone
Term
profit
Definition
amount of money left over after paying for the cost of the product
Term
supply
Definition
how much of an item there is
Term
demand
Definition
the amount of a good or service that people are both willing and able to buy
Term
demand
Definition
the amount of a good or service that people are both willing and able to buy
Term
market price
Definition
the price at which a product can be sold
Term
shortage
Definition
not enough of what is needed
Term
surplus
Definition
more than what is needed
Term
traditional system
Definition
production and distribution decisions are determined by the way things have been done in the past
Term
command system
Definition
central authority (government) makes the production and distribution decisions
Term
(free) market system
Definition
production and distribution decisions are made by individuals (what people want will be provided)
Term
needs
Definition
things you have to have to survive: food, water, shelter, clothing
Term
wants
Definition
things you would like to have but do not need to survive
Term
producers
Definition
a person or company which supplies or sells goods or services
Term
consumer
Definition
a person or company that buys and uses goods and services
Term
income
Definition
the money which a person earns from providing a service or an organization receives from investments
Term
advertising
Definition
the business of announcing that something is for sale or of trying to persuade customers to buy a product or service
Term
competition
Definition
the action of companies or individuals who are trying to do better than others, to win a larger share of the market, to control the use of resources, etc
Term
interdependence
Definition
we depend on others to provide goods and services and they depend on us to pay for and consume their goods and services
Term
barter
Definition
trading one product or service for another product or service without exchanging money
Term
sole proprietorship
Definition
company owned by one person
Term
partnership
Definition
company owned by two or more people
Term
corporation
Definition
Term
5 properties of money
Definition
1)an acceptable medium of exchange in a society
2)Must be a store of value - won't suddenly become worthless
3) Easily divisible
4) High value for weight
5) Hard to counterfeit
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