Economy Flashcards
Basic needs
Things people need to survive (food, water,shelter and air).
Economics
Making buying or selling something that people need or want.
Wants
Things that people would like to have.
Goods
Things you buy.
Services
A job a person provides and is paid for.
Preoducer
A person that makes goods or provides services.
Consumer
A person who buys and uses goods.
Trade
The process of buying,selling,or exchange goods and services using money.
Barter
Exchanging goods and services WITHOUT using money.
Import
To bring into a place or country from another country.
Export
To send to another place or country.
Supply
How much there is of good and service.
Demand
How much the goods and services are needed/wanted.
Economic choices
A decision to buy one thing and not another.
Opportunity cost
The choice given up.
