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Flashcards in Economics Deck (21):
1

Economics.

Making,buying, or selling some that people need or want.

2

Basic needs

Things people need to survive

3

Wants

Thing people would like to have

4

Goods

Things you buy

5

Services

A job a person provides and is paid for

6

Consumer

A person who buys and uses goods

7

Producer

Person who makes goods or provides services

8

Specialization

Focus on a single product or service

9

Interdependence

People dependent on each other

10

Barter

Exchanging goods and services without using money

11

Trade

This is the process of buying,selling, or exchanging goods and services using money

12

Import

To bring into a place country from another country

13

Export

To send to another place or (country)

14

Supply

How much there is of goods and services

15

Demand

How the goods and services are needed

16

Economic choice

A decision to buy one thing and not another

17

Opportunity cost

The choice given up

18

Scarcity

A lack of recourses

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Natural resources

Materials that come from nature

20

Capital resources

Goods made by people used to make other goods and services

21

Human Resources

People working to produce goods and services