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
A person who makes goods or provides services
8
Q
Specialization
A
Focus on a single product or service
9
Q
Interdependence
A
People dependent 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 (country)
14
Q
Economic choice
A
A decision to buy one thing and not another
15
Q
Opportunity cost
A
The choice given up
