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
A 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
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 (country)
Economic choice
A decision to buy one thing and not another
Opportunity cost
The choice given up
Scarcity
A lack of resources
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
