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Details Title: Lemonade Stand Vocabualry Description: Words needed in the lesson plan called "Lemonade stand." Total Flash Cards: 10 Created: 11/06/2006 09:39:36	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
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.