25 terms

Economics Vocabulary

STUDY
PLAY
supply
how much of a product that exists
entrepreneur
person who has skill and leadership to risk
demand
how much a product or service is wanted
capital
human-made materials including cash that help produce products and provide services
specialization
focusing on what can be produced best
export
goods that leave a country as part of trade
economic questions
What to produce? How to produce it? For whom to produce?
trade
exchange of goods and services
import
goods that are brought into a country as a part of trade
labor (human resources)
the people who work for a company
services
actions capable of satisfying people's wants who are willing to pay for it
competition
when two or more companies are trying to get the same consumers
distribution of resources
the amount of something that a country has been given
land (natural resources)
materials from earth
factors of production
resources to make goods and services
profit
total revenue received by a company minus its total cost of production
opportunity cost
what you give up when you make a decision-the value of your second-best choice
scarcity
not enough of something
quality
how good a product is when compared to another product
price
how much something costs
surplus
having more than you need of a resource that can then be traded
interdependence
reliance on others to satisfy wants and needs
goods
objects capable of satisfying people's wants who are willing to pay for it
consumers
one who buys and or uses goods and services
producers
the makers of goods using productive resources
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