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.
What is specialization?
When an individual or a company does one part of a task and relies on others to complete the other parts of the task.
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.
Whats an enterpreneur?
A person who comes with a product or service, or a better way to produce one.
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.
What is opportunity cost?
The process of choosing one good or service over another.
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.
What is interdependence?
When people depend on one another.
The amount of something available for use.
Supply
Anyone who makes or grows a good or performs a service.
Produce