an act of giving one thing and receiving another in return.
exchange
100
is a person who buys or uses goods or services.
consumer
100
a business which is owned by co owned by two or more partners who agree on how responsibilities, profits and losses of that business are divided.
partnership
100
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
economics
100
materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
What is natural resources
200
determines the economic worth in the exchange process store value.
store value
200
this involves vision, skills and risk taking needed to create and run businesses
entrepreneurship
200
___ is a contract issued by a corporation that promises to repay borrowed money + interest
bond
200
is the study of the behavior of the economy as a whole and involves topics such as inflation, unemployment, aggregate demand etc...
What is macroeconomics
300
it is that special paper anyone will accept in exchange for goods and services
money
300
economic resource needed to produce goods and services
factors of production.
300
a business organization owned and controlled by just one person
sole proprietorship
300
what is the study of the behavior of individual players in an economy such as individuals, families, and businesses.
What is microeconomics
300
What Does Productivity Mean For Unemployment
THE MORE YOU CAN DO, THE FEWER PEOPLE WHO ARE NEEDED TO COMPLETE A JOB.
HIGH UNEMPLOYMENT MAY MAKE YOU MORE COMPETITIVE IN THE WORKPLACE.
400
_____ for goods and services.
Barter
400
physical objects that can be purchased
goods
400
what is corporation??
a business owned by stock holders.
400
a benefit or satisfaction received from using a good or service
What is utility
400
what is specialization
is a situation in which people concentrate their efforts in the activities that they do best.
500
standard of value
gives a society the ability to commit limitless transactions.
500
a maker of goods or provider of services
producer
500
what is cooperative??
is a business operated for the shared benefit of owners
500
value of something that is given up to get something else that is wanted
What is opportunity cost.
500
A student faced with the choice of spending Saturday studying for a Political Economy exam or shopping at The Mall makes a______ of shopping time for study time in deciding how many hours to study and how many to spend shopping