Vocab Flashcards
Economics
Making, buying, or selling something that people need or want
Basic needs
Things that people need to survive (food, water, shelter, air)
Wants
Things that people would like to have
Goods
Things you buy
Services
A job a person provides and is paid for
Supply
How much of there is a good and services
Demand
How much the goods or services are needed/wanted
Consumer
A person who buys and uses goods
Producer
A person who makes goods or provides services
Specialization
Focus on a single product or service
Interdependence
People dependent on each other
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 country from another country
Export
To send to another place or country
