Shared Flashcard Set

Details

Lemonade Stand Vocabualry
Words needed in the lesson plan called "Lemonade stand."
10
Economics
5th Grade
11/06/2006

Additional Economics Flashcards

 


 

Cards

Term
Entrepreneur
Definition
a person who owns and operates a business and is good at making money.
Term
Non price determinants
Definition
A change in the price of one good can change the demand for another good. Example: if Ice cream became very expensive and no one would buy it, than Ice cream cones would become very cheap.
Term
Demand
Definition
The amount of a product or service that people are ready to buy for a given price: Supply should rise to meet demand.
Term
Equilibrium Price
Definition
The state in which market supply and demand balance each other.
Term
Markets
Definition
The opportunity to buy or sell.
Term
Price
Definition
The amount of money or goods, asked for or given in exchange for something else.
Term
Supply
Definition
The total amount of a goods or services available for purchase by consumers.
Term
Shortage
Definition
A condition that exists when demand exceeds supply.
Term
Barter
Definition
Exchanging goods or services instead of money.
Term
Economics
Definition
The study of the way money, goods, and services are made and used in a society; the study of wealth.
Supporting users have an ad free experience!