Shared Flashcard Set

Details

Economic Terms
Terms in Economics
23
Economics
5th Grade
11/21/2008

Additional Economics Flashcards

 


 

Cards

Term
good
Definition
any item that can be bought or sold
Term
economics
Definition
the study of production and distribution of wealth
Term
service
Definition
any action that one person or group performs for another in exchange for money
Term
resource
Definition
anything used to produce a good or service
Term
producer
Definition
someone who makes goods or provides services
Term
scarce
Definition
hard to find
Term
renewable
Definition
easy to replace
Term
nonrenewable
Definition
not easily replaced or impossible to replace
Term
consumer
Definition
buyer of goods or services available for sale
Term
supply
Definition
the quantity of goods or services available for sale
Term
demand
Definition
the quantity of goods or services people want to buy
Term
surplus
Definition
over supply
Term
inflation
Definition
is a rise in the general level of prices of goods and services in an economy over a period of time
Term
recession
Definition
a time when there is too little money in the economy
Term
depression
Definition
a severe recession
Term
consumption
Definition
how people use goods and services to satisfy their wants and needs
Term
interdependence
Definition
the way production and consumption of goods and services is divided among many different people
Term
bank
Definition
institution for saving and lending money
Term
federal reserve
Definition
the main regulator of banks in the U.S.
Term
mint
Definition
to make coins
Term
denominations
Definition
the amounts that money is printed in
Term
loan
Definition
to lend out money temporarily
Term
interest
Definition
fee paid when you borrow money and earned when you save it
Supporting users have an ad free experience!