Economics: Vocabulary and Terms Credit 1
Make flash cards of each word in Study Blue, include word and definition, then download the
words as a review sheet to your Google Drive. Use the following website for definitions or use
your textbook: http://www.babylon.com/define/52/History-Dictionary.html
1. Scarcity
2. Economics
3. Need
4. Want
5. Factors of production
6. Land
7. Capital
8. Financial capital
9. Labor
10. Entrepreneur
11. Production
12. Gross Domestic Product (GDP)
13. Trade-off
14. Opportunity cost
15. Production possibilities frontier
16. Cost benefit analysis
17. Free enterprise economy
18. Standard of living
19. Economy
20. Economic system
21. Traditional economy
22. Command economy
23. Market economy