Economic Vocab

Terms in this set (19)

Barter
Trading of one thing for another
Consumption
Using goods and services
Demand
Schedule of how much of a good or service consumers are willing and able to buy at all possible prices during a specific period of times
Distribution
How people get access to goods and services
Economics
Science that deals with the production, distribution, and consumption of goods and services
Economize
Use less or save
Goods
Objects that can satisfy people's wants
Human Resource
(1) Labor (2) The various skills of people used to produce goods and services
Law of Demand
Relationship between price and quantity demanded
Law of Supply
Relationship between price and the quantity that sellers are willing to suppy
Marketplace
Somewhere where buyers and sellers meet and do business
Natural Resource
Resource provided by nature
Production
How goods are produced, or how services are performed
Resource
Something that is useful
Scarcity
Situation that occurs when our wants are greater than our ability to satisfy these wants
Services
Actions that help other people
Shortage
Situation that results when the quantity demanded is greater than the quantity supplied of a good, service, or resource
Supply
Schedule of how much of a good or service producers are willing and able to produce or sell at all possible prices during a specific period of time
Surplus
Situation that results when the quantity supplied is greater than the quantity demanded of a good, service, or resource
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