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economics
vocabulary
27
History
7th Grade
04/14/2011

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Cards

Term
goods
Definition
things people buy or sell
Term
subsistance farming
Definition
farming that brings little or no profit
Term
services
Definition
non material equivlent of a good in economics and marketing, or something you cannot hold
Term
services
Definition
non material equivlent of a good in economics and marketing, or something you cannot hold
Term
demand
Definition
how many people want to buy something
Term
supply
Definition
how much of something is avalible
Term
wealth
Definition
a great quantity of money or resources
Term
scarcity
Definition
short supply on a resource
Term
opportunity cost
Definition
the differnce between what you save and what you send
Term
interest
Definition
banks give you extra money for allowing them to use your money, or they charge you for not paying your charge acount
Term
natural resources
Definition
things found from the earth/ nature
Term
renewable resource
Definition
a resource you can re use in a differnt form
Term
recyclable resource
Definition
a resource you can make into something else using the same resource
Term
primary good
Definition
raw material thing you start with
Term
secondary good
Definition
taking the raw material and making it into a finished product
Term
tertiary good
Definition
taking the final good and bringing it to the consumer
Term
final good
Definition
finished product
Term
work force
Definition
total number of people that can be employed
Term
imports
Definition
goods and services that a country buys from a other country or things you take in
Term
exports
Definition
materials or goods that a country sells to another country
Term
assets
Definition
the resources of a person or business
Term
capital
Definition
the worth of a business after they pay all of there bills are paid
Term
capital
Definition
the worth of a business after they pay all of there bills are paid
Term
developing nation
Definition
average income is lower than the income of a industrial nation
Term
undeveloping nation
Definition
dont have alot of exports, money and poeple dont make that much money
Term
developed nation
Definition
country that has a high level of manufacturing and exports
Term
under developed nation
Definition
economic underdeveloped nations lack of jobs and money, lack of food, lack of housing, education,healthcare
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