Economics
A plan that shows your income, expenses, and savings.
What is a Budget?
Things that people must have to survive
What are needs?
Things that people would like to have but can live without
What are wants?
Goods brought into a country from another.
Imports
This can be turned into income if you don't have a job.
wealth
Someone who buys goods and services
What is a consumer?
Actions done for others in exchange for payment
What are services?
Products that people consume or use
What are goods?
How laborers are paid for their services
Wages
Things in nature for which humans have found a use
What are natural resources?
Someone who makes goods or provides services
What is a producer?
The basic materials for the production of goods
Raw materials
Resources that can continue to exist despite being consumed or can replenish themselves over a period of time even as they are used. Ex. sun, wind, water, geothermal and biomass
What are renewable resources?
Name a capital resource in a bakery.
Examples: oven, bowls, baking pans
A better term for Money
Currency
Costs that change from month to month
Variable Costs
Another name for the Southern collective market. French farmers don't like it.
MERCOSUR
Costs that remain the same over time.
Fixed expenses
The next best alternative you gave up to make a choice.
opportunity cost
Services provided by the government that no private firm would supply. (think street lights)
Public goods
Where buyers and sellers meet.
What is the market?
The use of products and services in ways that minimize impacts on the environment
What is sustainable consumption?
Goods that are shipped out of a country
Exports
incentive
The informal economy
Black market or system D