Flashcards in Economics Deck (19):
People who make products or produce services
Something one person does for another
Items you can purchase
The basic items used to provide a service or produce a good
When there is not enough of something for all who want it
A plan to use income productively
What you have to give up
Anything you spend money on
Money you make or get
What is an example of an opportunity cost?
What are examples of products
Ipad, iPhone , bagel
What are examples of services
Hair salon, waitress, teacher
Give an example of a product and it's productive resources
A cookie is a product . The productive resources are water, flour, and sugar.
What is the goal of a budget?
The goal of a budget is to have extra money left over to save
What is a positive incentive?
A saw where you buy one product and get another one for free
What is a negative incentive?
Speeding ticket or late fee for a late library book
What is an example of print communication
Billboards and newspapers
What is an example of oral communications?
Radio and word of mouth