economics Flashcards
Barter
When businesses trade their products of service to get things they want or need
Econyomy
The management of resources of a country
Want
Something a person would like to have, but can live without
Need
Something a person must have to live
Producer
A person who makes goods to sell
Consumer
A person who makes goods to sell
Transportation
The movement of goods, people or animals from one place to another
Globalization
Process in which a business makes something or provides service all around the world
Profit
The money a business has left over after the bills are paid
Technology
Development of scientific knowledge to solve problems
Communication
A way to convey or deliver a message to another person or business
Opportunity
Cost something you give up in order to have
Something you want
Demand
When someone wants a product
Urban
An area within a city
Rural
An area out in the country