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Economics

TermDefinition
goods things you can touch, hold, make or grow
services something someone does for someone else and gets paid for it
producers a person who makes, grows, builds or creates a good or service
consumer a person who buys or uses goods or services
market a place where buyers and sellers exchange goods and services
opportunity cost the most valuable thing you give up when you make a decision or choice
benefit advantages as a resut of the choice or decision
positive incentives rewards for making certain choices
negative incentives consequences for making certain choices
budget a plan to help people make personal economic decisions to be more responsible
savings the part of money that you make that you do not spend on goods or services
scarcity not enough of a good or service
line graph displays data that shows changes over time
census population count every decade(10 years)
Created by: sac1nc
Popular Economics sets

 



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