Vocab
When the amount of money a person or company spends is more than hey receive or take in
what is loss?
how much of a product or service is desired by buyers
What is demand?
Anyone who buys a good or service
What is a consumer?
If i want to buy a computer and they are almost out in the whole city what is that.
What is scarcity?
Something you can feel or any kind of merchandise
The positive gain from an investment or business after subtracting expenses
what is profit?
There is a limited supply of something
What is scarcity?
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 specialization?
if i come up with the next gen design for space ships and it cost less than the space ships now what am I?
what is an entrepreneur
When the amount of money a person or company spends is more than they receive or take in.
the money that the government collects from individuals and businesses to pay for public goods and services
What is taxes?
any kind of work preformed for others
What is services?
A person who comes up with a product or service or a better way to produce one
What is an entrepreneur?
When i company spends more money than the company/person makes?
What is a loss?
What is economics?
The study of making, buying, and selling of goods and services
something you can feel or any kind of merchandise
What is goods?
The study of making, buying, selling of goods and service
What is economics?
The process of choosing one good or service over anythore
What is opportunity cost?
The money the government revives from you for public services
What is taxes?
What is a producer
Anyone who makes or grows a good or performs a service.
The amount of something available for use
What is supply?
Anyone who makes or grows a good or performs a service
What is a producer?
When people depend on one another
What is interdependence?
When you depend on another
What is interdependence?
What is specialization?
When an individual or company does one part of a task and relies on others to complete the other parts of the task.