Introduction to Economics Flashcards
1
Q
consumer
A
those who buy or use goods or services
2
Q
good
A
an item that is produced, sold, and bought by consumers
3
Q
producer
A
a company or individual that provides goods or services
4
Q
resources
A
supplies of value for production
5
Q
scarce
A
in limited quantity compared to demand
6
Q
service
A
an action completed for consumer
7
Q
economics
A
the study of producing and consuming goods and services
8
Q
economist
A
an expert in economics
9
Q
supply and demand
A
people want or need a good or service, so others provide that good or service
