Economic Terms
Supply- Quantity
of a product that is available on the market for purchase or that is available
at a particular price.
Demand- Quantity of any goods which buyers will take at a particular
price (The desire to purchase goods and services).
Economics- The study of things that affect production, distribution and consumption of wealth or materials to satisfy human desires.
Goods- something people want that you can hold or touch.
Services- Something people do for other people.
Wants- Desires that can be satisfied by consuming a good or service.
Consumer- A person who uses a good or service.
Producer- A person who makes a good or produces a service.
Price- The amount of money a good or service costs.
Money- Anything that can be exchanged to buy goods and services.
Work- Effort given to produce or accomplish something, particularly to earn one's living.
Income- The money you earn.
Scarcity - This happens when there is not enough of something you want.
Choice- The decision made from alternatives.
Opportunity Cost- The best thing you give up to get something.
Interdependence- when people depend on each other.
Specialize- To do a certain job.
Barter- Trading a good or service for another good or service without using money.
Trade- Occupation or particular line of business.
Savings- Money people set aside as "just in case" money.
Value- How much something is worth.
Capital Goods Resources- The buildings, equipment, roads, machinery, and other constructed items needed to produce goods or provide services.
Human Resources- The mental/physical skills of people that are used to produce goods or services.
Natural Resources- What exists or grows in nature and is something humans use (water, trees, land, minerals).
Wages- Payment given for using the service of labor. The money people receive for working.
Profit- The extra money left after a business pays all costs of production.