review
The study of all things to do with money, like what causes people to buy things, how businesses can set themselves up to be profitable, and how people behave when it comes to money.
What is economics
What you must forgo in order to get something.
what is opportunity cost
People who make the goods or supply the services that are for sale, like a farmer, a shoe store, or a cable company
what is a producer
A product that is sold to people outside of the country in which the product was made.
what is export
true or false? I play an instrument
true
Something that is produced such as televisions, cars, food, and furniture.
what is goods
The natural wealth of a country, consisting of land, forests, mineral deposits, water, etc.
what is natural resources
The people who buy goods and services
what is a consumer
Shortness of supply
what is scarcity
someone from the class will come and imitate a celebrity for 300 extra points. BUT if you lose you lose 300 points instead. No Mr beast, no Tom Brady
freaky
Something that is desirable, but not needed to survive, like new clothes or a new toy
what is wants
Man-made goods that are used to create other goods or perform a service.
what is capital resources
The amount of goods available.
what is supply
A person who starts and develops a business.
what is an entrepreneur
FALSE
Actions that other people or companies perform, like a maid service, trash-pick up, or a babysitter.
Valuable human work power
what is human resources
A person’s desire for a product or service.
what is demand
To trade services or things for other services or things without using money.
what is barter
why did the old BLIND man fall in the well
because he couldn't SEE that well hahhahahaaahah laugh track idk laughor somehting
Something that is necessary to live, like food or water
what is needs
The resources needed in order to create a good or service.
what is factors of production
Goods and services that are bought by residents of a country, but are made outside of the country.
what is import
Whenever people pay for goods or services, they use some form of money.
Any circulating medium of exchange, including coins, paper money, and demand deposits.
Money can be almost anything, as long as everyone agrees on its value.
what is MONEY
think of a number. subtract it by 2. (make it under 10)