study of making, buying and selling of goods

stuff that people desire but don't need to survive

those things that people require to survive

any kind of work performed for others

something you can feel - any kind of merchandise

how much of an item people want

there are limited resources so people have to choose some items over another

anyone who makes or grows a good or perform a service

anyone who buys a good or service

the money you can make on an item

the money you loose when you make an item; you sell an item for less than it cost to make

money that the government collects from people and businesses to pay for public goods (roads, schools, army, etc..)

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CLEARY ECONOMICS

elementary economic terms

Question	Answer
economics	study of making, buying and selling of goods
wants	stuff that people desire but don't need to survive
needs	those things that people require to survive
barter	to trade
service	any kind of work performed for others
good	something you can feel - any kind of merchandise
supply	how much of an item you have
demand	how much of an item people want
scarcity	there are limited resources so people have to choose some items over another
producer	anyone who makes or grows a good or perform a service
consumer	anyone who buys a good or service
profit	the money you can make on an item
loss	the money you loose when you make an item; you sell an item for less than it cost to make
taxes	money that the government collects from people and businesses to pay for public goods (roads, schools, army, etc..)

Created by: clearyspub

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