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Lesson 2 Vocabulary
Social Studies
15
Economics
6th Grade
03/10/2011

Additional Economics Flashcards

 


 

Cards

Term

 

 

economist

Definition
a person who studies how a society makes and spends money
Term

 

capital 

Definition

 

 

machines and tools used in producing

Term

 

 

goods

Definition

 

a tangible product which may be sold to a customer or another industry

Term

 

labor

Definition

 

 

physical and or mental work

Term

 

 

producing

Definition

 

the way that societies turn resources into goods and services

Term

 

 

profit

Definition

 

the difference between the revenue that a business generates from its goods and/or services and the cost of producing those goods and/or services

Term

 

 

assembly line

Definition

 

 

a manufacturing process that uses standardized parts for the mass production of goods

Term

 

 

customer service

Definition

 

a service performed for a customer at the consumer level

Term
factors of production
Definition
the four factors that may be combined in many ways to make a profit- natural resources, labor, capital, and other products.
Term
free market economy
Definition
the type of economy in which the market determines what goods and services are produced (such as the US economy).
Term
industrial service
Definition
a service performed at the producer level
Term
maximizing profits
Definition
making the difference between revenues and cost as large as possible
Term
non-renewable resources
Definition
natural resources that cannot be replaced after being consumed, or those resources which will take too long to replace.
Term
other products
Definition
products that were manufactured somewhere else that are used to make other products
Term
renewable resources
Definition
natural resources which can be replaced after being consumed
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