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OMC - SS - Econ 3
Oak Manor Center - Social Studies - Econ List 3
Question | Answer |
---|---|
Benefits | Something good or of positive value to someone when making a choice or decision. |
Consumer | People who buy and/or use goods and services |
Distribution | The delivery or movement of goods or services from producers to consumers |
Economic Wants | Things people like or desire that can be satisfied consuming a good, service or leisure activities |
Imports | The goods and services that consumers buy from sellers in other nations. |
Exports | The goods and services in one nation sell to buyers in other nations. |
Individual Ownership | A business owned and managed by one person who assumes all of the risk of loss and gets all of the profit. |
Interdependence | What occurs when people and nations depend on When you rely on one another to provide the goods and services they want |
Surplus | Having more goods, services, or resources available than you want. |
Specialization | When people produce only some of the goods and services they consume, then trade with others to get more of the things they want. |
Interest | The money earned on the money saved, or the money paid to use a credit card or take out a loan. |
Market Economy | An economic system based on the interaction of supply and demand in markets to determine prices |
Opportunity Cost | The next most valuable alternative you give up when you make a choice or decision. |
Productivity | The measure of how many goods or services that are produced by each worker. |