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18 Cards in this Set
- Front
- Back
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PRODUCER
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A business that makes a product.
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SCARCITY
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When a product is hard to find
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INCOME
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Limited amount of money that someone earns for their work
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ECONOMICS
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The study of how we use money
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SPECIALIZATION
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Doing one thing very well in a business
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SURPLUS
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When a product is easy to find
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CAPITAL GOODS
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Tools needed for making things (tractors, cars, computers, etc)
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OPPORTUNITY COST
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What a person gives up by choosing one way of using resources instead of another (this or that
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LABOR
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The work that someone does
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CONSUMER
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A person who buys a product
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BUDGET
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A plan for how much money will be spent on each type of item that a person must buy
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RESOURCE
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Something that can e used in a business (tools, cars, people, money, etc)
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SUPPLY
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The amount of things that exists
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ENTREPRENEUR
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Someone who takes a risk to start a business
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EMPLOYEE
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Someone who works for an employer
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DEMAND
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The amount of products that people are willing to buy
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EMPLOYER
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A person who needs to hire someone
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SALES TAX
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A tax on goods that you buy
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