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Economic Vocab

Economy Vocabulary

TermDefinition
Economy system of buying and selling goods, services, or resources
Quantity the amount
Quality standard of measurement
Entrepreneur an individual that operates a business
Specialization concentrating on a particular good, service, or resource
Import bringing goods into a country
Export sending goods out of the country
Supply stock of a needed good, service, or resource
Demand the need or want by consumers
Competition businesses working to bring in as many customers as possible
Scarcity in short supply
Interdependence depending on each other for resources
Analyze to examine in detail
Consumer the buyers or a product or service
Producer the supplier of a good or service
Resources the necessary materials or people needed for an effective operation
Created by: mr.tucci
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