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s.s 1

any one who buys a good or a service consumer
These days people usually use money to get what they want. before there was money, people had to trade to get what they wanted. Barter
work performe for others Service
this is a word for merchandise, a product you can actually touch Goods Goods
how much of something is available supply
how much of something people want Demand
This means that there are limited resources, and therefore, people must make choices. Scarcity
Anyone who buys a god or a service Consumer
anyone who makes or grows a good or performs a service producer
The process of choosing one good or service over another oportnity cost
When a person or company makes money on a product or services after paying for he cost of it Profit
When a person or company loses money on a product or service after paying for the cost of it Loss
When a individual or a company specializes in doing one part of a task, and relies on others to complete the other parts. Specialazion
When people depend on one another interdependence
The money that the government collects from individuals and businesses to pay for public goods and services. Taxes
A person who comes up with a product or service, or a better way to produce one entrepuner
means conmpetition. Companies compete with one another to get the most customers, and therefore, make the most money. Free Enerprize
Created by: brad153