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 paid for
consumer
a person buys and uses goods
producer
a person who makes goods or provides services
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
supply
how much there is of goods and services
demand
how much the goods and services are needed/wanted
economic choice
a decision to buy one thing and not another
opportunity cost
the choice given up
