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Quehl econ words

Quehl economics vocabulary words

Not enough of something- lack of goods or services scarcity
People have to make choices because of scarcity economic problem
Things we use to satisfy our wants resources
Not enough resources to satisfy all our wants limited resources
Decisions made because you can't have all that you want. choices
The best thing you must give up in order to get something that you want. opportunity cost
A person who uses a good or service consumer
Something that people want that you can hold or touch, buy or sell goods
Money that you earn income
Something people do for other people service
A person who takes a risk, or chance, and starts a business entrepreneur
A plan for using money budget
The money a bank pays people for keeping their money there interest
The effort sellers make to attract buyers competition
Putting resources together to make goods or provide services production
A person who makes a good or provides a service producer
Someone who buys goods consumer
Resources found in people, such as their skills and ideas human resources
The many things nature provides that we use to satisfy our wants natural resources
Goods that are used to make other goods or to provide services capital resources
The amount producers will make for a certain price supply
The amount of something consumers are willing to buy for a certain price demand
A building where workers make goods factory
A team of specialized workers assembly line
a place where people buy and sell goods market
To buy goods or services from sellers in other countries import
To send goods or services to another country for trade or service export
All of the people and companies that sell similar goods or services industry
People depend on each other interdependence
To do a certain job specialize
Depending on each other interdependent
Created by: wildflower