Top Economics Vocabulary Flashcards

Welcome to our economics vocabulary flashcards! Economics is a study that deals with the transfer of wealth, consumption and production. Understanding economics is a very important tool for understanding the complex ways that money affects and changes modern society. The study of economics can be very confusing and difficult to understand. In order to help you better understand economics, we have compiled important details about it and made them into 3 different sets of flashcards. We break down difficult terms and ideas into simple words.

In our first set of flashcards, we define common terms used when discussing economics. Some of these include scarcity, opportunity cost and limited resources.In our second set, we discuss terms such as foreign exchange market, terms of trade and comparative advantage. In the last set, we cover terms like durable goods, distribution of income and many more. Good luck and get to work!

Economics Vocab - Ch. 5

Cards: 22| Attempts: 3| Last updated: Sep 17, 2015

Comparative Advantage

A Situatition In Which A Person Or Country Ca...

Terms Of Trade

The Rate At Which Units Of One Product Can Be...

Foreign Exchange Market

A Merket In Which The Money (curency) Of One ...

Exchange Rates

The Rate Of Exchange Of One Nation's Currency...

Economics Vocab - Ch. 24

Cards: 22| Attempts: 1| Last updated: Sep 17, 2015

National Income Accounting

The Techniques Used To Measure The Overall Pr...

Gross Domestic Product (GDP)

The Total Market Value Of All Final Goods And...

Intermediate Goods

Products That Are Purchased For Resale Or Fur...

Final Goods And Services

Goods And Services That Have Been Perchased F...

Economics Vocab Ch. 26

Cards: 30| Attempts: 1| Last updated: Sep 17, 2015

Business Cycle

Recurring Increases And Decreases In The Leve...

Peak

The Point In A Business Cucle At Which Busine...

Recession

A Period Of Declining Real GDP, Accompanied B...

Trough

The Point In A Business Cycle At Which Busine...

Economics Vocab - Ch. 1

Cards: 26| Attempts: 1| Last updated: Sep 17, 2015

Marginal Analysis

The Comparison Of Marginal (extra Or Addition...

Scientific Method

The Procedure For The Systematic Pursuit Of K...

Consumer Goods

Products And Services That Satisfy Human Want...

Economic Perspective

A Viewpoint That Envisions Individuals Making...

Economics Vocab - Ch. 23

Cards: 18| Attempts: 0| Last updated: Sep 17, 2015

The Business Cycle

Recurring Increases And Decreases In The Leve...

Recession

A Period Of Declining Real GDP, Acoompanied B...

Real GDP (gross Domestic Product)

Gross Domestic Product Adjusted For Inflation...

Nominal GDP

Answer Coming Soon

Chapter 1 Economics Vocabulary

Cards: 23| Attempts: 0| Last updated: Sep 18, 2015

Economic Products

Goods And Services That Are Useful, Scarce An...

Goods

Items That Satisfies An Economic Want And&nbs...

Consumer Good

Item That Is Useful, Satisfies An Economic Wa...

Capital Good

Item Intended To Produce Other Goods And Serv...

Economics Unit II Vocabulary

Cards: 45| Attempts: 0| Last updated: Sep 22, 2015

The Invisible Hand

Term Used To Describe The Self Regulating Nat...

Product Market

Where Goods And Services Are Bought And Sold

Factor Market

Where Resources, Especially Capital And Labor...

Household/Resource Owner

A Person Or Group Of People Who Share Income

Supply Vocabulary - Economics

Cards: 21| Attempts: 0| Last updated: Sep 18, 2015

Supply

The Amount Of Goods Available

Law Of Supply

The Higher The Price, The Larger The Quantity...

Quantity Supplied

How Much Of A Good Is Offered For Sale At A S...

Supply Schedule

Shows Relationship Between Price And Quantity...