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econmics

QuestionAnswer
Economics the study of the way that money,resources, and services are used in a society.
resources a material or object that has useful properties
goods things that are sold or things that someone owns
capital an amount of money used to start a business
services something that is done to help another person
producer A person or company that makes or creates something.
consumer This is a person who buys goods and buys services
vender a person who sells something
barter to do business by exchanging goods for services instead of paying for them.
supply the amount of goods or services that are available
demand the number of people who want certain goods or services
Business A company that sells goods or services
value the amount of money something is worth
needs something you must have to survive
wants something you do not need but you would like
cost how much something is worth
production the process of growing, creating, or building something
profit the money a business earns after it pays for tools, workers, and other cost
loss the amount of money a company losses
scarcity when a product is in short supply
division of labor a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency.
free enterprise an economic system in which private business operates in competition and largely free of state control.
Created by: lmirsky
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