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Economics Vocabulary Unit 2
Terms in this set (23)
a person who buys and uses things
the study of the making, buying, and selling of goods and services.
when people depend on one another.
actions or activities one person performs for another
money given to the government to pay for public goods and services
something you can feel or any kind of merchandise
a person who comes up with a product or service or a better way to produce a good or service.
resources that occur naturally in the earth. They are not man-made.
someone who makes or grows goods
the money that they make after paying all of their expenses
sometimes you have to give up one thing to buy another things. The thing you give up is the _______ .
the amount consumers are willing to buy for a certain price
the amount producers will make for a certain price
a lack of goods or services. It takes place when people who make goods or provide services cannot provide enough for everyone who wants them.
people's knowledge, skills, and hard work
things made by people to help workers make products or provide services
to buy goods or services from sellers in other countries
to sell goods or services to people in another country
the amount of money people earn
a plan to help people spend their money wisely. This plan lists what can be spent or saved.
money that is lost when the products makes less money than they actually paid for the good or service.
when a individual or a company specializes in doing one part of the task and relies on others to complete the other parts.
means competition compete with one another to get the most customers and make the most money.