Economy Flashcards
(19 cards)
Producer
A person who makes goods or provides
Consumer
A person who buys and uses goods
Wants
Things people would like to have
Needs
Things people need to survive like food water shelter and air
Economics
Making buying or selling something that people need or want
Trade
The process of buying,selling,or exchanging goods and services using money
Barter
Exchanging goods and services WITHOUT using money
Import
To bring into a place or a country from another county.
Export
To send to another place or Country
Supply
How much there is of a good and services
Demand
How much the goods and services are needed/wanted
Economic choice
A decision to one thing and not the another
Opportunity cost
The choice given up
Scarcity
A lack of resources
Interdependence
People dependent on each other
Specialization
Focus on a single project or service
Natural resources
Materials that come from nature
Capital resources
Goods made by people used to make their goods and services
Human Resources
People working to produce goods and services
