Show:
This and That
TRADE
BUSINESS
VOCABULARY 1
VOCABULARY 2
100
Study of the choices people make based on expected benefits and costs.
What is economics?
100
Form of trade where people directly exchange goods and/or services for other goods and/or services
What is barter?
100
Revenues minus expenses
What is profit?
100
Study of why people do what they do to get what they want.
What is economics?
100
Something intangible (you can't touch) meant to fulfill someone's wants or needs.
What is service?
200
On a supply and demand graph, the point where the two lines intersect is called this.
What is the equilibrium point?
200
Trade can be defined as giving up something you _________ in exchange for something you _______________.
What is "value less" and "value more?"
200
The price charged for using someone else's money.
What is interest?
200
Sharing or dividing something among a group.
What is distribution?
200
When there are several companies trying to sell the same good or service.
What is competition?
300
Something you buy to go along with your original purchase.
What is a complementary good?
300
A means of exchange that eliminates the need to match up wants and/or needs.
What is money?
300
The asset a bank keeps in case someone is unable to repay a loan
What is collateral?
300
Concept that says there are very few things in the world that everyone can have all they want of it.
What is scarcity?
300
A good that you buy instead of the original good.
What is a substitute good?
400
The 3 types of resources.
What are human, natural and capital?
400
When supply goes up, the price usually goes _____ and when supply goes down, price generally goes _____.
What is down and up?
400
Many companies have moved their factories out of the US because this is much cheaper in other countries.
What is labor or human resources?
400
When you get a loan, this is what you pledge to the lender, that they can keep in case you don't pay the loan back.
What is collateral?
400
This is a concept that relates to what you give up whenever you make a decision.
What is opportunity cost?
500
When people spend all their time working in the fields, making just enough to survive, this is called ___________ farming.
What is subsistence?
500
When one company controls a market, it is called this.
What is a monopoly?
500
Money is an example of this; a factory is another.
What is a capital resource?
500
Dividing people into rich, upper middle class, middle class, lower class and poor is an example of this.
What is stratification?
500
When there is enough food so that people can focus on one kind of work instead of having everyone working in the fields.
What is specialization?