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