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Econ Defs

Economic Words

Want Things people would like to have but can live without
Need Things that people must have in order to survive
Barter A type of trade in which individuals exchange goods and services instead of using money
Goods Anything that can be grown or manufactured
Services Something that a person does in exchange for money or value
Consumer Someone who uses goods or services
Producer Individual or group of people who creates or manufactures a good or service through physical or mental effort
Production *Combining rescorces to make G and S
Consumption *Using G and S
Distribution 1. Allocation of wealth 2.Movement of goods
Factors of Production Land,Labor,Capital and Entrepreneurship
Land Natural Rescorces
Labor Represents the huoman capital avalible to make raw stuff into G's
Capital Money and physical assets
Scarcity A limited supply of rescorces in comparison to unlimited wants/needs
Supply The amount of a product that is avalible to consumers
Demand The amount of a G or S that we are willing/able to buy
Law of supply Businesses will provide more products when they can sell them at higher prices.
Law of Demand We want more when we can buy it for lower prices
Market Price THe price that satisfies both producers for profit snd consumers for value
Choice Selecting from a set of alterinaves
Opportuniy Cost What you give up when you make a choice/ The OTHER thing that you didnt choose
Equilibrium Price The market price at which the supply of an item equals the quantiy demanded
Surplus To much of something. Can cause price drop(clearance)
Entrepreneur Inventor/Person with ideas Someone that creates a busniss out of raw. Take the risk
Created by: gintcat