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JAbiztown
UNIT 1
21
Economics
5th Grade
09/02/2009

Additional Economics Flashcards

 


 

Cards

Term
Economy
Definition
A system of production,consumtion, and disterbution
Term
Responsibility
Definition
A duty
Term
Citizen
Definition
A member of a town, city, state or country
Term
scarcity
Definition
A situation in which people  can't have  everything they want due  to limited  resources
Term
skills 
Definition
an ability a  person does  well
Term
right
Definition
the ability to do something well
Term
revenue
Definition
price times the quality sold
Term
profit
Definition
the money that is left over after a  business pay
Term
human recourses
Definition
Term
trade
Definition
evchange goods and services-usually for  money
Term
bussiness
Definition
a  company that sells goods and/or services
Term
advertising
Definition
a way of  persueding someone to buy a good  or  use a  service
Term
applicant
Definition
a person who requests or  seeks  something such as a job
Term
opportunity cost
Definition
your  secind  choice
Term
natural resources
Definition
things used in production that were  naturaly  their  in the  wild
Term
human resources
Definition
the  skills  and  abilitys used in production by  workers
Term
capital resources
Definition
resources made  by  people such as  in factories
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