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economics
voc
26
History
7th Grade
04/14/2011

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Cards

Term
goods
Definition
things people buy or sell
Term
subsistance farming
Definition
farming that brings little or no profit
Term
services
Definition
non material thing (mowing the lawn)
Term
demand
Definition
how many people want to buy something
Term
supply
Definition
how much of something is avalible
Term
wealth
Definition
great quantity of money
Term
scarcity
Definition
shortness of supply
Term
opportunity cost
Definition
the difference between what you save and spend
Term
interest
Definition
the bank gives you extra money for allowing them to use your money
Term
natural resources
Definition
resources from the earth
Term
renewable resource
Definition
resource you can use over and over
Term
recyclable resource
Definition
a resource you can make into something else using the same materials
Term
primary goods
Definition
the raw material
Term
secondary good
Definition
making it into a finished product
Term
tertiary goods
Definition
taking the final product to the consumer
Term
final good
Definition
the finished product
Term
work force
Definition
total number of people that can be emplyed
Term
imports
Definition
goods of services that a person buy from another country
Term
exports
Definition
the materials that a country sells to another country
Term
assets
Definition
the resources of a person or business
Term
capital
Definition
worth of a business after the bills are paid
Term
developing nation
Definition
people has little money because of little income
Term
un developed nation
Definition
dosent have much money
Term
developed nation
Definition
countries that have a high level of manufacturing and exports
Term
under dovelopment
Definition
lack of jobs,not much food, not good health care exetra
Term
under dovelopment
Definition
lack of jobs,not much food, not good health care exetra
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