knowt logo

Economy Terms

Economy-the study of making, selling, and buying goods and/or services or the study of business and how it works


Resources-human or natural materials used to produce goods and/or services


Goods-Physical merchandise that can be made, grown, or sold


Services-something someone does for another person


Trade/Barter-exchange of goods or services


Supply-the amount of goods or service that is available 


Demand-how much of a  good or service is wanted


Consumer-a person or business that buys goods and/or services


Producer-A person or business that produces goods and/or services


Opportunity cost-the good or service not bought, given a choice


Profit-the amount of money made from selling a good or service


Interdependence-relying on each other


Export-a good and/or service leaving a place


Import-a good and/or service entering a place from another place


Input-something put into your business (money, resources, e.t.c)


Output-what your produce or turn out


Specialization-focusing all time, energy on a good and/or service


Independence-Not relying on anyone or anything else


Dependence-relying on someone else


Surplus-having more of a good or service than needed


Scarcity-not having enough of a good or service


JM

Economy Terms

Economy-the study of making, selling, and buying goods and/or services or the study of business and how it works


Resources-human or natural materials used to produce goods and/or services


Goods-Physical merchandise that can be made, grown, or sold


Services-something someone does for another person


Trade/Barter-exchange of goods or services


Supply-the amount of goods or service that is available 


Demand-how much of a  good or service is wanted


Consumer-a person or business that buys goods and/or services


Producer-A person or business that produces goods and/or services


Opportunity cost-the good or service not bought, given a choice


Profit-the amount of money made from selling a good or service


Interdependence-relying on each other


Export-a good and/or service leaving a place


Import-a good and/or service entering a place from another place


Input-something put into your business (money, resources, e.t.c)


Output-what your produce or turn out


Specialization-focusing all time, energy on a good and/or service


Independence-Not relying on anyone or anything else


Dependence-relying on someone else


Surplus-having more of a good or service than needed


Scarcity-not having enough of a good or service


robot