Economics words review
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Transcript of Economics words review
![Page 1: Economics words review](https://reader036.fdocuments.us/reader036/viewer/2022081604/58a7e9b61a28abd7248b5a0d/html5/thumbnails/1.jpg)
Economics Words and Meanings
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the amount of a good or service a seller offers for a particular price and a particular time
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the amount of a good or service a seller offers for a particular price and a particular time
supply
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an economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's citizens and businesses and there is little government intervention (free enterprise, capitalism)
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an economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's citizens and businesses and there is little government intervention (free enterprise, capitalism) market economy
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when people are trying to share a market (people are trying to sell the same good or service to the same group of people)
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when people are trying to share a market (people are trying to sell the same good or service to the same group of people)
competition
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amount of goods and services produced in a period of time divided by the productive resources used
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amount of goods and services produced in a period of time divided by the productive resources used
productivity
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a place where goods and services are bought (the place doesn’t have to be a physical place)
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a place where goods and services are bought (the place doesn’t have to be a physical place)
market
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goods and services that people desire
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goods and services that people desire
wants
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a system of producing, distributing, and consuming goods and services
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a system of producing, distributing, and consuming goods and services
economy
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individuals own their own items and property
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individuals own their own items and property
private ownership
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tangible items that people produce to satisfy people’s wants
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tangible items that people produce to satisfy people’s wants
goods
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individuals, not the government, determine what goods and services are bought and sold
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individuals, not the government, determine what goods and services are bought and sold
consumer sovereignty
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any kind of work performed for others
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any kind of work performed for others
services
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to trade goods or services without the exchange of money
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to trade goods or services without the exchange of money
barter
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a small and inadequate amount; the desire for a good or service exceeds the availability
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a small and inadequate amount; the desire for a good or service exceeds the availability
scarcity
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a percentage of money taken out of your income
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a percentage of money taken out of your income
income tax
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anyone who makes or grows a good or performs a service.
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anyone who makes or grows a good or performs a service.
producer
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when people depend on one another.
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when people depend on one another.
interdependence
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your ability and willingness to pay for a particular item or service
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your ability and willingness to pay for a particular item or service
demand
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any material found in God’s creation that is helpful to man such as oil, water, trees, or land
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any material found in God’s creation that is helpful to man such as oil, water, trees, or land
natural resources
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the amount of money made off of a sale
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the amount of money made off of a sale
profit
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when an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts
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when an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts
specialization
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man made physical resources such as building, tools, machines, and equipment
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man made physical resources such as building, tools, machines, and equipment
capital resources
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anyone who buys a good or a service
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anyone who buys a good or a service
consumer
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money that the government collects from individuals and businesses to pay for public goods and services
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money that the government collects from individuals and businesses to pay for public goods and services
taxes
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a person who comes up with a product or service, or a better way to produce one
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a person who comes up with a product or service, or a better way to produce one
entrepreneur
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the amount of money lost off of a sale
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the amount of money lost off of a sale
loss
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physical and mental work effort used in production
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physical and mental work effort used in production
human resources