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Economics Voc
Economic Vocabulary
Term | Definition |
---|---|
Loss | When the amount of money a person or company spends is more than they receive or take in |
Profit | The positive gain from an investment or business after subtracting expenses |
Taxes | The money that the government collects from individuals and businesses to pay for public goods and services |
Good | Something you can feel or any kind of merchandise |
Supply | The amount of something available for |
Demand | How much of a product or service is desired by buyers |
Barter | To trade |
Scarcity | There is a limited supply of something |
Service | Any kind of work performed for others |
Economics | The study of the making, buying, and selling of goods and services |
Producer | Anyone who makes or grows a good or performs a service |
Consumer | Anyone who buys a good or service |
Specialization | When an individual or a company does one part of a task and relies on others to complete the other parts of the task |
Entrepreneur | A person who comes up with a product or service, or a better way to produce one |