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Johnson.
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25
Economics
12th Grade
10/03/2012
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Cards

Term
Copy Right
 Definition
Songs Etc.
Term
Want
 Definition
A Desired item
Term
Economics
 Definition
Study of people seeking to satisfy their needs
Term
Goods
 Definition
Physical items or objects
Term
Services
 Definition
Actions that one preforms for another
Term
Scarcity
 Definition
Limited resources with unlimited wants
Term
Shortage
 Definition
situation when a good or service is unavailable during a certain period of time
Term
Land
 Definition
Natural resources
Term
Profit
 Definition
The final gain of money
Term
Invisible hand
 Definition

Government doesnt play a part in business

 
Term
Capitalists
 Definition
Bourgeoisie
Term
Proletariet
 Definition
Workers
Term
Communist Manifesto
 Definition
Written by Karl Marx and Fred
Term
Capitalism
 Definition
Private Ownership
Term
Socialism
 Definition
Public Ownership
Term
Traditional System
 Definition
No Growth, stays the same.
Term
Factors Of Production (Inputs)
 Definition
Land - Labor
Term
Self Interest
 Definition
What self motivates one to do something such as work
Term
Authotitarian
 Definition
A Dictatorship!
Term
Socialism (Wale, Sweden, Enland, Denmark)
 Definition
Political system that controls the basic means of production
Term
Adam Smith
 Definition
Father of Economics
Term
Incentive
 Definition
Reason to do something
Term
Competition
 Definition
Struggle between consumers in order to beat the other
Term
Trade Marks
 Definition
Symbols
Term
Need
 Definition
A necessity
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