Economics Flashcards
Economics
Making, buying, or selling something that people need or want.
Basic needs
Things people need to survive.
Wants
Things people would like to have.
Goods
Things you buy.
Services
A job a person provides and is paid for.
Consumer
A person who buys and uses goods.
Producer
Person who makes goods, or provides services
Specialization
Focus on a single product or service.
Interdependence
People depend on each other.
Barter
Exchanging goods and services without using money.
Trade
The process of buying, selling, or exchanging goods and services 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.
Economic choice
A decision to buy one thing and not another.
Opportunity cost
The choice that Is given up.
Scarcity
Lack of resources.
Natural resource
Materials that come from nature.
Capital resource
Goods made by other people used to make other goods and services.
Human Resources
People working to produce goods and services.
