Econmics Flashcards
Barter
When business trade their products of service to get things they want or need
Want
Something a person would like to have,but can live without.
Need
Something a person must have to live.
Economy
The management of resources of a country
Producer
A person who makes goods to sell
Consumer
A person who buys goods or services
Transportation
The movement of goods people or animals from one place to another.
Globalization
Process in which a business makes something or provides services all around the world
Profit
The money a business has left over after the bills are paid.
Technology
Development of scientific knowledge to solve problems
Communication
A way to convey or deliver a message to another person or business.
Opportunity cost
Something you give up in order to have something you want
Demand
When someone wants a product
Urban
An area within a city
Rural
An area out in the country
Interdependent
When people depend on each other for good ,services, and resources
Free enterprise system
When business decide what goods to make or services to sell
Supply
The amount of product a business has
