Economics Flashcards
An estimate of income and expenditure for a set period of time
Budget
Person who buys or uses goods and services
Consumer
Amount of a product that people are willing to buy
Demand
System for producing and distributing goods and services
Economy
Good that one country sells to another country
Export
objects people want that they can touch or hold.
Goods
Development of a world economic system in which people and goods move freely from one country to another
Globalization
The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country
Human Capital
Good that one country buys from another country
Import
Money received, especially on a regular basis for work or through investments
Income
Result of globalization in which changes to the economy of one country can affect the economies of other countries
Interdependence
a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, [1] or money earned by deposited funds
Interest
Value of what must be given up in order to produce a certain good
Opportunity Cost
Person who makes goods
Producer
difference between the money people make when they produce and sell a good or service and all their costs of production.
Profit
