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Economic-5
Question | Answer |
---|---|
economics | the study of choice making concerning spending, producing and saving; money matters |
scarcity | not as many goods available as people would like |
goods | things made by people or found in nature |
services | work that does ont result in something that you can touch or hold |
choice | a decision about something |
consumer | one who buys |
supply | amount of something, and the willingness or ability to sell certain goods or services |
taxes | money citizens pay to the government |
competition | rivalry or challenge between business |
profit | the extra money a business keeps after paying its costs |
interdependence | the dependence on others for goods or services. At least two parties relying on each other. |
raw material | natural resources from which useful things can be produced |
renewable sources | a natural resource from which useful things can be produced |
non-renewable sources | a natural resource which can not be replaced (example: oil) |
demand | the willingness to buy certain goods or services |
price | the amount that a good or service cossts |
import | to bring something into the country |
export | to send something out of the country |
wages | payment received for work or services (usually based on an hourly payment) |
natural resource | things that come from the Earth |
Income | the amount of money one earns from his/her job |