Vocab Flashcards
1
Q
Consumer
A
A person who uses and buys goods and services
2
Q
Producer
A
A person who makes goods or provides a service
3
Q
Trade
A
The activity or process of buying, selling or exchanging goods or services
4
Q
Barter
A
Exchanging goods or services without using money
5
Q
Basic needs
A
Things people need to survive
6
Q
Wants
A
Things people would like to have
7
Q
Supply
A
How much there is of goods and services
8
Q
Demand
A
How much the goods services are needed
9
Q
Economic choice
A
A decision to buy one thing or another
10
Q
Opportunity cost
A
Choice given up
11
Q
Scarcity
A
And there isn’t a lot of thing something or isn’t available
12
Q
Import
A
To bring in other goods from other countries
13
Q
Export
A
Zip or send out goods to other places
