Shared Flashcard Set

Details

Basic Economic Terms
These are basic terms that a student of economics should know
10
Social Studies
8th Grade
01/30/2014

Additional Social Studies Flashcards

 


 

Cards

Term
Economics
Definition
A social science that examines how individuals, groups, and agencies deal with limited resources
Term
Depression
Definition
a period of low economic activity and wide spread unemployment
Term
Recession
Definition
a downward turn in business activity
Term
Inflation
Definition
a continuous rise in the price of goods and services
Term
Black Thursday
Definition
Another name for the day in American History, October 29th, 1929, when the stock market crashed
Term
Budget deficit
Definition
the amount by which government spending exceeds revenue
Term
Budget Surplus
Definition
the amount by which government revenue exceeds government spending
Term
Capitalism
Definition
an economic system based on private property and free enterprise
Term
Child labor laws
Definition
a series of laws passed in the United States during the early 1900's aimed at protecting children in the workplace
Term
Corporation
Definition

Supporting users have an ad free experience!