Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that...
-
Upload
patience-sharp -
Category
Documents
-
view
220 -
download
0
Transcript of Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that...
![Page 1: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/1.jpg)
Economics VocabMr. Embry
![Page 2: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/2.jpg)
Vocabulary
• Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.
![Page 3: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/3.jpg)
Vocabulary
• Goods-are items that can be seen and touched, such as books, pens, salt, shoes, hats, and folders.
![Page 4: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/4.jpg)
Vocabulary
• Services-are provided by other people, such as doctors, lawn care workers, dentists, barbers and waiters.
![Page 5: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/5.jpg)
Vocabulary
• Factors of Production-the resources used by a company to produce goods and services.
![Page 6: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/6.jpg)
Vocabulary
• Resources-a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
![Page 7: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/7.jpg)
Vocabulary
• Labor-work, especially hard physical work.
![Page 8: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/8.jpg)
Vocabulary
• Land-the part of the earth's surface that is not covered by water, as opposed to the sea or the air.
![Page 9: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/9.jpg)
Vocabulary
• Capital-wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing
![Page 10: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/10.jpg)
Vocabulary
• Needs and wants
• Needs-refer to those goods and services that are essential such as food, clothing, and shelter.
• Wants-those good and services that people would like to have to improve the quality of their lives
![Page 11: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/11.jpg)
Vocabulary
• Opportunity cost-the loss of potential gain from other alternatives when one alternative is chosen.
![Page 12: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/12.jpg)
Vocabulary
• Profit-a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
![Page 13: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/13.jpg)
Vocabulary
• Income-money received, especially on a regular basis, for work or through investments.
![Page 14: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/14.jpg)
Vocabulary
• Investment-the action or process of investing money for profit or material result.
![Page 15: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/15.jpg)
Vocabulary
• Market Economy-an economy in which decisions regarding investment, production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
![Page 16: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/16.jpg)
Vocabulary
• Traditional Economy-may be based on custom and tradition or command, with economic decisions based on customs or beliefs of the community, family, clan, or tribe.
![Page 17: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/17.jpg)
Vocabulary
• Command Economy-an economy in which production, investment, prices, and incomes are determined centrally by a government.
![Page 18: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/18.jpg)
Vocabulary
• Supply and Demand-the amount of a commodity, product, or service available and the desire of buyers for it
![Page 19: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/19.jpg)
Vocabulary
• Monopoly-the exclusive possession or control of the supply or trade in a commodity or service.
![Page 20: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/20.jpg)
Vocabulary
• Competition-the activity or condition of competing.
![Page 21: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/21.jpg)
Vocabulary
• Money-a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
![Page 22: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/22.jpg)
Vocabulary
• Specialization-the act of specializing, or pursuing a particular line of study or work
![Page 23: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/23.jpg)
Vocabulary
• Trade-exchange (something) for something else, typically as a commercial transaction.
![Page 24: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/24.jpg)
Vocabulary
• Barter-exchange (goods or services) for other goods or services without using money.
![Page 25: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/25.jpg)
Vocabulary
• Tariff-a tax or duty to be paid on a particular class of imports or exports.
![Page 26: Economics Vocab Mr. Embry. Vocabulary Economics-The social science that deals with the ways that scarce resources are used. It is the study of wealth.](https://reader036.fdocuments.in/reader036/viewer/2022062314/56649e555503460f94b4d373/html5/thumbnails/26.jpg)
Vocabulary
• Taxes-a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.