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
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