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Week 15 Economics
| Term | Definition |
|---|---|
| Producer | Those who make goods and services |
| Consumer | Those who buy and use goods and services |
| Goods | Things that are produced or made |
| Services | Actions that people perform for others |
| The 3 basic fundamental questions of Economics | What to produce? How to produce? Who to produce for? |
| Economist | A person who studies the economy |
| Economics | The study of how we make and spend money |
| Natural Resources | Resources made by nature |
| Human Resources | People who can do the work |
| Capital Goods | Man made materials used to produce other goods and services (ex. buildings, machinery, equipment, tools, etc.) |
| Economy | The system of how we make and spend money and/or the way goods and services are produced and consumed. |
| Demand | People's desire for a particular good or service |
| Means of distribution | Ways for the goods and services to reach people |
| Suppy | The amount of something that is available |
| export | a good or service sent to another country for sale |
| import | a good or service brought in from another country for sale |
| absolute advantage | the ability to produce more of a given product using a given amount of resources |
| trading partners | countries an regions that trade with each other |
| international trade | trade that occurs when buyers and sellers in two nations exchange with one another |
Created by:
MsKnauss
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