Vocab Flashcards
Economics
Making, buying, or selling something that people need or want
Basic needs
Things people need to survive ( food, water,shelter, air)
Wants
Things people would like to have
Goods
Thing you buy
Services
A job a person provides and is paid for
Consumer
A person who buys and uses goods
Proucer
A person who makes goods or provides services
Trade
The process of buying, selling, or exchange goods and services using money
Barter
Exchanging goods and services without using money
Import
To bring into a place or a country from another country
Export
To send to another place (country)
Supply
How much there is of goods and services
Demand
How much the goods and services are needed
Scarcity
A lack of resources
Economic choice
A decision to buy one thing and not another