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Week 15 Economics

TermDefinition
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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