Vocabulary I
Something you can feel or any kind of merchandise. What is it?
What is Good
There is a limited supply of something. What is it?
What is Scarcity
Define Supply. What is the definition?
What is, The amount of something available for use.
Define Opportunity Cost. What is the definition?
What is, The process of choosing one good or service over another
Define Scarcity. What is the definition?
What is, There is a limited supply of something
The amount of money a person or company spends is more than they receive or take in. What is it?
What is Loss
Anyone who buys a good or service. What is it?
What is Consumer
Anyone who buys a good or service. What is it?
What is Consumer
Define Profit. What is the definition?
What is, The positive gain from an investment or business after subtracting expenses
Define Interdependence. What is the definition?
What is, When people depend on one another
The money that the government collects from individuals and businesses to pay for public goods and services. What is is?
What is Taxes
Anyone who makes or grows a good or performs a service. What is it?
What is Producer
The process of choosing one good or service over another. What is it?
What is Opportunity Cost
Define Opportunity Cost. What is the definition?
What is, The process of choosing one good or service over another
How much of a product or service is desired by buyers. What is it?
What is Demand
The study of making, buying, and selling of goods and services. What is it?
What is Economics
A person who comes up with a product or service, or a better way to produce one. What is it?
What is Entrepreneur
Any kind of work performed by others. What is it?
What is Service
Define Entrepreneur. What is the definition?
What is, A person who comes up with a product or service, or a better way to produce one.
The positive gain from an investment or business after subtracting expenses. What is it?
What is Profit
When people depend on one another. What is it?
What is Interdependence
Define Loss. What is the definition?
What is, When the amount of money a person or company spends is more than they receive or take in.
Define Good. What is the definition?
What is, Something you can feel or any kind of merchandise
Define Specialization. What is the definition?
What is, When an individual or company does one part of a task and relies on others to complete the other parts of the task
When an individual or a company does one part of a task and relies on others to complete the other parts of the task. What is it?
What is Specialization