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
Things you buy
Services
A job a person provides and is padded for
Supply
How much there is of goods and services
Demand
How much the goods and 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 exhanging goods and services using money
Barter
Exhanging goods and services without using money
Import
To bring into a place or country from another place or country
Export
To send to another place or country