1
When the amount of money a person or company spends is more than they receive or take in
Loss
How much of a product of service is desired by buyers
Demand
Anyone who buys a good or service
Consumer
When an individual or a company does one part of a task and relies on others to complete the other parts of the task
Specialization
Good
Something you can feel or any kind of merchandise
The positive gain from an investment or business after subtracting expenses
Profit
There is a limited supply of something
Scarcity
consumer
Anyone who buys a good or service
A person who comes up with a product or service, or a better way to produce one
Entrepreneur
Economics
The study of the making, buying, and selling of goods and service
The money that the government collects from individuals and businesses to pay for public goods and services
Taxes
Any kind of work performed for others
Service
Supply
The amount of something available for use
The process of choosing one good or service over another
Opportunitiy Cost
Taxes
The money that the government collects from individuals and businesses to pay for public goods and services
Something you can feel or any kind of merchandise
Good
The study of the making, buying, and selling of goods and service
Economics
Service
Any kind of work performed for others
When people depend on one another
Interdependence
Demand
How much of a product of service is desired by buyers
The amount of something available for use
Supply
Anyone who makes or grows a good or performs a service
Producer
Producer
Anyone who makes or grows a good or performs a service
Loss
When the amount of money a person or company spends is more than they receive or take in
Scarcity
There is a limited supply of something