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Flashcards in Economics Deck (21):
1

Economics

Making ,buying , or selling something that people want.

2

Basic needs

Things people need to survive.

3

Wants

Things people would like to have.

4

Goods

Things you buy

5

Service

A job a person provides and is paid for.

6

Consumer

A person who buys and uses goods

7

Producer

A 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 without using money

11

Trade

The process of buying selling or exchanging goods and services

12

Import

To bring into a place or country from another country.

13

Export

To send to another place (country)

14

Supply

How much there is of goods and services

15

Demand

How much 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 resources

19

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