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Economics
Economics vocabulary and fast facts
10
Economics
12th Grade
01/27/2009

Additional Economics Flashcards

 


 

Cards

Term
TINSTAAFL
Definition

"there is no such thing as a free lunch"

 

there can be no gain without

a price

Term

GOODS

Definition

tangible, touchable

things that one may purchase

or aspire to purchase

Term
SCARCITY
Definition

there being few of things that are

needed or wanted

 

EX: scarcity of water

scarcity of grain

scarcity of minerals

Term
ENTREPRENEUR
Definition

"risk-taker"

does their own business

Term

NATURAL RESOURCE

Definition

something which is not made

by man and comes naturally of the earth

 

EX:

water

wood

soil

Term
LABOR
Definition
work of man
Term
FACTORY
Definition

something which manufactures or

makes goods

Term
CAPITAL
Definition

any source of advantage,

power or PROFIT.

 

EX:

bumper stickers

advertisements

anything which advertises

Term
AUTHORITARIAN
Definition
dictator
Term
MARKET ECONOMY
Definition

an economy system which is based

on demand of the people

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