Economics Flashcards
Barter
When business trade their products of services o get things they want or need.
Economy
The management of the recorded of a country.
Want
Something you would like to have, but don’t need.
Need
Something a person must have to live.
Producer
A person who makes goods to sell.
Consumer
A person who buys goods or services.
Transportation
The movement of goods, people, and animals from one place to another.
Globalization
Process in which a business makes something or provides services all around the world.
Profit
The money a business has left over after all 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.
Interdependent
When people depend on each other for goods, services, and resources.
Free Enterprise System
When businesses decide what goods to make or services to sell.
Supply
The amount of product a business has.
