Vocabulary#1
What does loss mean?
When the amount of money a person or company spends is more than they receive or take in
What does demand mean?
How much of a product or service is desired by buyers
What is a consumer?
Anyone who buys a good or services
What word means when people depend on one another?
Interdependence
What word means how much of a product or service is desired by buyers?
Demand
What does profit mean?
The positive gain from an investment or business after subtracting expenses
What does scarcity mean?
There is a limited supply of something
What does specialization mean?
When and individual or a company does one part of a task and relies on others to complete the other parts of the task
What word means the amount of something available for use?
Supply
What word means something you can feel or any kind of merchandise?
Good
What does taxes mean?
The money that the government collects from individual and businesses to pay for public goods and services
What does service mean?
Any kind of work performed for others
What does entrepreneur mean?
A person who comes up with a product or service, or better way to produce one
What word means the limited supply of something?
Scarcity
What person does this a person who comes up with a product or service, or a better way to produce one?
Entrepreneur
What does goods mean?
Something you can feel or any kind of merchandise
What does economics mean?
The study of the making, buying, and selling of goods and services
What does opportunity cost mean?
The process of choosing one good service over another
What word means anyone who buys goods and services?
Consumer
What word means when the amount of money a person or company spends is more than they receive or take in?
Loss
What does supply mean?
The amount of something available of use
What are producers?
Anyone who makes or grows a good or performs a service
What does interdependence mean?
When people depend on one another
What word means anyone who makes or good or performs a service?
Producer
What word means the positive gain from an investment or business after subtracting expenses?
Profit