Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
CH.1 Vocabulary
| Term | Definition |
|---|---|
| economics | The study of the choices that individuals and societies make in the production, distribution, and consumption of goods |
| economy | Any system for production, distribution, and consumption off goods and services |
| economic models | A theory that which seeks to show relationships among the various groups and components of an economy |
| goods | tangible items that people want and will pay for |
| services | Intangible goods produced by labor for which people are expected to pay for |
| want | human desire to have a certain good |
| market | It is a mechanism that allows people to exchange goods, including like money, so that buyers and sellers can get what they are seeking for themselves |
| supply | amount of a good that is produced |
| demand | The relationship between a good’s price and the quantity that people are willing to drive |
| producer | People who work for to provide goods |
| consumer | person who uses goods |
| value | The worth that consumers attach to a good |
Created by:
jcomisk