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Economics Vocab Feb

Social Studies

TermDefinition
Supply and demand Supply is the amount of goods available, and demand is how badly people want a good or service.
Surplus an amount greater than needed
Shortage a deficiency or lack in the amount needed
Scarcity deficiency or shortness of supplies
Consumer a person who purchases goods and services for personal use
Taxation a charge paid by a citizen for the support of its government and government services
Trade exchange of goods/services in a market (domestic, international, etc.)
Currency a unit of money; money
Entrepreneur a person who starts a business and is willing to risk loss in order to make money
Economics of, relating to, or based on the production, distribution, and consumption of goods and services
Export goods/services produced within a country, but transported to other countries and sold outside of the country where it was produced
Import goods/services brought into and sold in a country that are produced in other countries
Created by: kitaztd
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