Economics Flashcards
Economics.
Making,buying, or selling some that people need or want.
Basic needs
Things people need to survive
Wants
Thing 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 dependent on each other
Barter
Exchanging goods and services without using money
Trade
This is the process of buying,selling, or exchanging goods and services using money
Import
To bring into a place country from another country
Export
To send to another place or (country)
Supply
How much there is of goods and services
Demand
How the goods and services are needed
Economic choice
A decision to buy one thing and not another
Opportunity cost
The choice given up
Scarcity
A lack of recourses
Natural resources
Materials that come from nature
Capital resources
Goods made by people used to make other goods and services
Human Resources
People working to produce goods and services
