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