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Hamilton - Economics

Economics Terms

WordDefinition
Entrepreneur A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
Producers The makers of goods using factors of production
Consumers One who buys and/or uses goods and services
Supply The amount of an item produced for sale
Demand The number of consumers who want and are able to buy an item
Profit The total revenue received by a business firm minus its total cost of production
Imports Goods, services and capital assets purchased from other countries
Exports Goods, services and capital assets sold to other countries
Manufacturing Making large amounts of goods
Market The exchange of goods, services and resources between buyers and sellers
Specialization Producing only a few products instead of many different products
Competition A competition between companies to win more business
Created by: gill56
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