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Flashcards in Economics Deck (19):
1

Economics

Making, buying, or selling something that people need or want

2

Basic needs

Things people need to survive

3

Wants

Things 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

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Producer

A person who makes goods or provides services

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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

The process of buying, selling, or exchanging goods and services using money

12

Import

To bring into a place or country from another country

13

Export

To send to another place (country)

14

Economic choice

A decision to buy one thing and not another

15

Opportunity cost

The choice given up

16

Scarcity

A lack of resources

17

Natural resources

Materials that come from nature

18

Capital resources

Goods made by people used to make other goods and services

19

Human Resources

People working to produce goods and services