Ecomonics Flashcards
1
Q
The study of how people choose to use limited resources
A
Economics
2
Q
The condition that exist because human wants to go beyond the available resources
A
Scarcity
3
Q
Consumers willingness to purchase a good or service at a specific price
A
Demand
4
Q
Producers willingness to make a product or offer a service at a particular price
A
Supply producers
5
Q
Tangible (touchable) objects that satisfy economic wants
A
Goods
6
Q
Activities performed by people to satisfy economic wants
A
Service
7
Q
Someone who uses resources to make a good or service
A
Producers
8
Q
Someone who buys or trades a good or service
A
Consumer
9
Q
Goods brought into one country from another though trade or sale
A
Imports
10
Q
Goods and services traded with or sold to other countries
A
Exports
