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What is Economics
1
What is Economics 2
What is Economics 3
What is Economics 4
Economic Vocabulary
100
The study of how people and countries make decisions about how to use their scarce resources in the most efficient way.
What is Economics?
100
Work that people do is this resource.
What is labor?
100
Another term for choice. Each possible use of a resource.
What is opportunity?
100
A system in which a product moves from worker to worker so it can be put together faster.
What is assembly line?
100
A company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors.
What is parent company?
200
An item people buy, such as a car, television or bed.
What is a good?
200
To turn materials into products people use every day.
What is manufacture?
200
A model to show all combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
What is production possibilities curve?
200
When a person, country, or region works on making one part of an item.
What is specialization?
200
The oldest and largest organized securities in the U.S. A trading floor marketplace where public buy and sell orders meet.
What is New York Stock Exchange NYSE?
300
Things of worth; machines,buildings, tools, and money.
What is capital?
300
A thing that is not needed to survive but that makes life better.
What is want?
300
The act of giving up one thing for another.
What is trade-off?
300
The amount of goods and services workers can produce in a given time.
What is productivity?
300
The capital raised by a corporation through the issue of shares entitling holders to an ownership interest.
What is stock?
400
Things that are necessary to live
What is a need?
400
The act of deciding on and selecting what is wanted most.
What is choice?
400
The cost of choosing one thing over another.
What is opportunity cost?
400
Dividing up workers so that each worker completes one job, which is one part of a larger job.
What is division of labor?
400
A company controlled by another company.
What is subsidiary company?
500
Raw materials found in the Earth such as water, minerals, wood, land, etc.
What is natural resource?
500
This is what Economics is all about.
What is choices?
500
The most basic of all Economic problems.
What is scarcity?
500
Resources that are used to make goods and services. For example; natural resources, capital, labor.
What is factors of production?
500
Holdings of securities by an individual or institution.
What is portfolio?