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20 Cards in this Set

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  • Back
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People who satisfy their wants by using goods and services.
CONSUMER
____ are people who buy goods and services
Combine productive resources to make goods and provide services.
PRODUCER
____ are people who make goods or provide services.
Activities that satisfy people's wants.
SERVICES
A ____ is something that one person does for someone else.
Goods that the government provides to the people.
PUBLIC GOODS
An example would be roads.
Your profit is the difference between the money you make when you sell it and your cost of making it.
PROFIT
Bill received $200 from selling lemonade. He figured all his costs were $125. His ____ was $75.
Places where people buy and sell goods and services.
MARKET
At the farmer's ___, I purchased some apples.
The exchange of goods and services between people and institutions in different nations.
INTERNATIONAL TRADE
People who take the risk to start a business. They have to organize all of the productive resources.
ENTREPRENEUR
Things found in nature that we use in production. Oil, water, air, minerals, wild animals, and land are examples of _____ resources.
NATURAL RESOURCES
The people who work in jobs to produce goods and services.
HUMAN RESOURCES
line workers, secretaries, and managers.
Buying and selling of goods, especially on a large scale ; trade. Exchange and disturibution of goods.
COMMERCE
Trading goods or services without using money.
BARTER
The additional rewards or penalties people receive from engaging in more or less of a particular activity.
INCENTIVE
Hudson employees get 25% off of purchase.
Supplies that can be drawn on when needed.
RESOURCES
HUMAN - Labor and management
CAPITAL - human made goods
NATURAL - gifts of nature
An economic systems is how a country decides to produce and distribute goods and services.
ECONOMICS
US is primarily a market economy.
___ are the goods coming into purchase a good or services.
IMPORT
to send (as merchandise) to foreign countries.
EXPORT
__ is the quantity of goods or services offered for sale at a particular time or at one price.
SUPPLY
__ is the willingness and ability to purchase a good or services.
DEMAND
People specialize when the work in jobs where they produce a few special goods and services. When people specialize they produces more, but they also must depends more on the another.
SPECIALIZATION