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Economic-5
| Question | Answer |
|---|---|
| economics | the study of choice making concerning spending, producing and saving; money matters |
| scarcity | not as many goods available as people would like |
| goods | things made by people or found in nature |
| services | work that does ont result in something that you can touch or hold |
| choice | a decision about something |
| consumer | one who buys |
| supply | amount of something, and the willingness or ability to sell certain goods or services |
| taxes | money citizens pay to the government |
| competition | rivalry or challenge between business |
| profit | the extra money a business keeps after paying its costs |
| interdependence | the dependence on others for goods or services. At least two parties relying on each other. |
| raw material | natural resources from which useful things can be produced |
| renewable sources | a natural resource from which useful things can be produced |
| non-renewable sources | a natural resource which can not be replaced (example: oil) |
| demand | the willingness to buy certain goods or services |
| price | the amount that a good or service cossts |
| import | to bring something into the country |
| export | to send something out of the country |
| wages | payment received for work or services (usually based on an hourly payment) |
| natural resource | things that come from the Earth |
| Income | the amount of money one earns from his/her job |
Created by:
LindaPilkington