Vocabulary Flashcards
economics
Making,buying, or selling something that people need or 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
barter
exchanging goods and services WITHOUT using money
trade
the process of buying selling, or exchanging goods and services using money
import
To bring into place or country from another country
export
to send to another place or country
supply
how much there is of goods and services
demand
how much the goods and services are needed/wanted
consumer
a person who buys and uses good
producer
a person who makes goods or provides services
economic choice
a decision to buy one thing and not another
opportunity cost
the choice given up
scarcity
a lack of resources
interdependen
People depe
specialization
focus on single product or service
national resources
materials that come from nature
capital resources
goods made by people used to mack other goods and services
Human Resources
people working to produce goods
