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s.s 1
Question | Answer |
---|---|
any one who buys a good or a service | consumer |
These days people usually use money to get what they want. before there was money, people had to trade to get what they wanted. | Barter |
work performe for others | Service |
this is a word for merchandise, a product you can actually touch | Goods Goods |
how much of something is available | supply |
how much of something people want | Demand |
This means that there are limited resources, and therefore, people must make choices. | Scarcity |
Anyone who buys a god or a service | Consumer |
anyone who makes or grows a good or performs a service | producer |
The process of choosing one good or service over another | oportnity cost |
When a person or company makes money on a product or services after paying for he cost of it | Profit |
When a person or company loses money on a product or service after paying for the cost of it | Loss |
When a individual or a company specializes in doing one part of a task, and relies on others to complete the other parts. | Specialazion |
When people depend on one another | interdependence |
The money that the government collects from individuals and businesses to pay for public goods and services. | Taxes |
A person who comes up with a product or service, or a better way to produce one | entrepuner |
means conmpetition. Companies compete with one another to get the most customers, and therefore, make the most money. | Free Enerprize |