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20 Cards in this Set
- Front
- Back
- 3rd side (hint)
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People who satisfy their wants by using goods and services.
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CONSUMER
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____ are people who buy goods and services
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Combine productive resources to make goods and provide services.
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PRODUCER
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____ are people who make goods or provide services.
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Activities that satisfy people's wants.
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SERVICES
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A ____ is something that one person does for someone else.
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Goods that the government provides to the people.
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PUBLIC GOODS
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An example would be roads.
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Your profit is the difference between the money you make when you sell it and your cost of making it.
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PROFIT
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Bill received $200 from selling lemonade. He figured all his costs were $125. His ____ was $75.
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Places where people buy and sell goods and services.
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MARKET
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At the farmer's ___, I purchased some apples.
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The exchange of goods and services between people and institutions in different nations.
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INTERNATIONAL TRADE
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People who take the risk to start a business. They have to organize all of the productive resources.
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ENTREPRENEUR
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Things found in nature that we use in production. Oil, water, air, minerals, wild animals, and land are examples of _____ resources.
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NATURAL RESOURCES
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The people who work in jobs to produce goods and services.
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HUMAN RESOURCES
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line workers, secretaries, and managers.
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Buying and selling of goods, especially on a large scale ; trade. Exchange and disturibution of goods.
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COMMERCE
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Trading goods or services without using money.
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BARTER
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The additional rewards or penalties people receive from engaging in more or less of a particular activity.
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INCENTIVE
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Hudson employees get 25% off of purchase.
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Supplies that can be drawn on when needed.
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RESOURCES
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HUMAN - Labor and management
CAPITAL - human made goods NATURAL - gifts of nature |
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An economic systems is how a country decides to produce and distribute goods and services.
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ECONOMICS
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US is primarily a market economy.
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___ are the goods coming into purchase a good or services.
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IMPORT
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to send (as merchandise) to foreign countries.
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EXPORT
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__ is the quantity of goods or services offered for sale at a particular time or at one price.
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SUPPLY
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__ is the willingness and ability to purchase a good or services.
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DEMAND
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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.
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SPECIALIZATION
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