Personal
How much something is highly wanted by consumers
Demand
Someone who makes/produces a product
Producer
Money the government collects from individuals to pay for public goods/services
When an company does one part of a task and relies on others to do the other part
Specialization
Billy's dad took him to get a haircut. What is this an example of?
Service
The amount of something available
Supply
someone who buys a product
Consumer
What is a "good"
Something you buy that you can physically touch
What is economics?
There is a currently a limited supply of food in the village. What is this an example of?
Scarcity
When a person gains money after subtracting expenses
Profit
Someone who comes up with a good or service, or a better way to produce one
What is a "service"
Something you buy that is performed by someone else
What is Opportunity Cost?
The process of choosing one good or service over one another.
Ruben has bought merchandise from target. What does this make him?
Consumer. (and an idiot for wasting his money on things he shouldn't have. I should have never bought that anime statue for 20 dollars he is 5 dollars in debt now.)
When the amount of money a person spends is more then they make
loss
When people depend on each other
Interdependence
What is "scarcity"
When there is a very limited supply of something
Karlson's mom bought him Big Mac. What would that be called?
Good
C.B. just had an idea to sell her art online. What does this make her?
Entrepreneur.
The purpose of a ____ is to protect production and jobs in the home country.
tariff
An Optometrist is considered a ___
Specialist
The way countries and people of the world interact and integrate economically, politically and socially and can have both benefits and costs for a nation.
Globalization