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Econ Vocab Test 3
terms 17-26
| Question | Answer |
|---|---|
| anyone who buys goods and services | consumer |
| when a person works at a job doing only one specific thing (such as putting doors on cars.) They make only one part of a whole | specialization |
| money made while working | income |
| any setting where you can trade or use money for goods and services. Prices are determined by buyers and sellers making exchanges | markets |
| the amount that consumers pay for a good or service. It can be based on scarcity or supply and demand. The amount charged for an item. | price |
| goods and services provided by the government. Often these services are too expensive or not practical to be obtained by individuals | public goods |
| the way society organizes the production, consumption and distribution of goods and services | economic systems |
| a system where goods and services are exchanged through businesses. Prices are determined by buyers and sellers making exchanges | market economy |
| a person who has the idea, organizes and assumes the risk of a business or enterprise. | entreprenuer |
| money people pay to the government so that it can perform public services. Usually paid by or on April 15th | taxes |
Created by:
jhaynes
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