Economics Flashcards
1
Q
Economics
A
Making, buying, or selling something that people need or want.
2
Q
Basic needs
A
Things people need to survive.
3
Q
Wants
A
Things people would like to have.
4
Q
Goods
A
Things you buy.
5
Q
Services
A
A job a person provides and is paid for.
6
Q
Consumer
A
A person who buys and uses goods.
7
Q
Producer
A
Person who makes goods, or provides services
8
Q
Specialization
A
Focus on a single product or service.
9
Q
Interdependence
A
People depend on each other.
10
Q
Barter
A
Exchanging goods and services without using money.
11
Q
Trade
A
The process of buying, selling, or exchanging goods and services using money.
12
Q
Import
A
To bring into a place or country from another country.
13
Q
Export
A
To send to another place or country.
14
Q
Supply
A
How much there is of goods and services.
15
Q
Demand
A
How much the goods and services are needed.
