Economics Flashcards
Economics
Making,buying,or selling something that people need or want.
Basic needs
Things people need to survive.
Wants
Things people would like to have.
Goods
Things you buy
Services
A job a person provides and is paid for
Consumer
A person who buys and uses goods.
Producer
A person who makes goods or provides services
Barter
Exchange goods and services without using money
Trade
The process of buying,selling,or exchanging goods and service using money.
Import
To bring into a place or country from another country
Export
To send to another place (country).
Interdependence
People dependent on each other
Specialization
Focus on a single product of service
Supply
How much there is of goods and services
Demand
How much the goods and services are needed