Vocab Flashcards
Economics
Making,buying,or selling something that people want
Basic needs
Things people need to survive(food,water,shelter,air)
Wants
Things people would like to have
Goods
Things you buy
services
A job a person provides and is paid for
Consumer
A person who buys and uses goods
Producer
Is a person who makes goods or provides services
Trade
The process of buying,selling,or exchanging 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 a goods or services
Demand
How much the goods and services are needed/wanted
Economic choice
A division to buy one thing and not the other
Opportunity cost
The choice given up
Scarcity
A lack of resources
Natural resources
Materials that come from nature
Capital resources
Goods made by people used to make other goods and services
Human Resources
People workin to produce goods and services
