Economics Flashcards

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1
Q

Economics

A

Making,buying, or selling something that people need or want

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2
Q

Basic needs

A

Things people need to survive

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3
Q

Wants

A

Things people would like to have

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4
Q

Goods

A

Things you buy

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5
Q

Services

A

A job a person provides and is paid for

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6
Q

Consumer

A

A person who buys and uses goods

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7
Q

Producer

A

A person who makes goods or provides services

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8
Q

Specialization

A

Focus on a single product or service

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9
Q

Interdependence

A

People dependent on each other

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10
Q

Barter

A

Exchanging goods and services without money

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11
Q

Trade

A

The process of buying, selling or exchanging goods or services using money

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12
Q

Import

A

To bring into a place or country from another country

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13
Q

Export

A

To send to another place or (country)

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14
Q

Supply

A

How much there is of goods and services

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15
Q

Demand

A

How much the goods and services are needed

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16
Q

Economic choice

A

A decision to buy one thing and not another

17
Q

Opportunity cost

A

The choice given up

18
Q

Scarcity

A

A lack of resources

19
Q

Natural resources

A

Materials that come from nature

20
Q

Capital resources

A

Goods made by people used to make other goods and services

21
Q

Human Resources

A

People working to produce goods and services