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Economics 3 Terms
Question | Answer |
---|---|
borrowing | promising to repay a given amount of money, often with added interest |
demand | the number of consumers willing and able to purchase a good or service at a given price |
human capital | people who work in jobs to produce goods and services |
income | financial gain received as wages/salaries, rent, interest, and/or profit |
market | exists whenever buyers and sellers exchange goods and services |
spending | the use of money to buy goods and services |
supply | the quantity of resources, goods, or services that sellers offer at various prices at a particular time |