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Economics Vocabulary
Economics Vocabulary Words
Question | Answer |
---|---|
A team of specialized workers | assembly line |
To trade one item for another | barter |
a gain, advantage, or positive result | benefit |
a plan for using money | budget |
things make by people that help workers make goods or provide services | capital resources |
someone who buys goods | consumer |
any kind of money that people in a country use for trade | currency |
the amount of something consumers are willing to buy for a certain price | demand |
the way people make, buy, sell, and use things | economy |
a person who takes a risk, or chance, and starts a business | entrepreneur |
to send goods or services to another country for trade or sale | export |
the right people have to make choices to make, sell, or buy, whatever they want and can afford | free enterprise |
things people buy or sell | goods |
the skills, knowledge, and hard work that people bring to their jobs | human resources |
to buy good or services from sellers in other countries | import |
money people earn for work | income |
all of the people and companies that sell similar goods or services | industry |
depending on each other | interdependent |
the money a bank pays people for keeping their money there | interest |
where people buy and sell goods | marketplace |
things found in nature that are useful to people | natural resources |
resources that cannot be replaced | nonrenewable resources |
someone who makes and sells goods | producer |
resources that can be replaced | renewable resources |
a lack of goods or services | scarcity |
work that one person does for another person | service |
the amount producers will make for a certain price | supply |
to exchange things with someone else | trade |