Economic Terms 1
What is a loss?
When the amount of money a person or company spends is more than they receive or take in.
What is demand?
How much of a product or service is desired by buyers.
What is a consumer?
Anyone who buys a good or service.
When the amount of money a person or company spends is more than they receive or take in.
Loss
How much of a product or service is desired by buyers.
Demand
What is a profit?
The positive gain from an investment or business after subtracting expenses.
What is scarcity?
There is a limited supply of something.
Any buying and selling of goods. It usually refers to the buying and selling of goods between countries.
Trade
The positive gain from an investment or business after subtracting expenses.
Profit
There is a limited supply of something.
Scarcity
What are taxes?
The money that the government collects from individuals and businesses to pay for public goods and services.
What is service?
Any kind of work performed by others.
The number or percentage of people who are seeking jobs but cannot find any job.
Unemployment
The money that the government collects from individuals and businesses to pay for public goods and services.
Taxes
Any kind of work performed by others.
Service
What are goods?
Something you can feel or any kind of merchandise.
What are economics?
The study of the making, buying, and selling of goods and services.
The total value of goods and services produced in one country in a given year.
Gross Domestic Product (GDP)
Something you can feel or any kind of merchandise.
Goods
The study of the making, buying, and selling of goods and services.
Economics
What is supply?
The amount of something available for use.
What is a producer?
Anyone who makes or grows a good or performs a service.
When people depend on one another.
interdependence
The amount of something available for use.
Supply
Anyone who makes or grows a good or performs a service.
Produce