Economics+Terms

Economics Terms Define the following:

1. Supply- How much you get of something.

2. Demand- The quality of a good, that people are willing to pay large amounts for.

3. Scarcity- Not a sufficient amount of supply.

4. Producer-A person responsible for financial purposes.

5. Consumer- People that, use goods or services, to satisfy there needs, that are not for sale.

6. Goods- The supply of the stuff your selling.

7. Services- Activities performed by people, or government to satisfy the community.

8. Entrepreneur- The word entrepreneur means a person who starts their own business with the aim of making a good profit.

9. Cost- An amount that must be payed to obtain something.

10. Opportunity Cost- The opportunity cost is the second best thing or option that must be given up when limited resources are used for one purpose instead of another.

11. Competition- Attempts by two or more people to achieve the same financial service.

12. Income- The payment that the company received for goods or services, or from other sources.

13. Expenditure- Goods & services provided by the government, & payed for taxing borrowing.

14. Barter- Trading goods or services, in return for other goods or services without using money to do so.

15. Inventory- A list of goods held by a person & or business.

16. Invest- To use money to purchase in something offering potential profits from.

17. Material- The substance of which something is composed into.

18. *Capitalism- The word capitalism means a system of economics that determines the competition in the free market.

19. *Socialism- Socialism is a political theory in which the production, distribution, and exchange are in charge by the community collectively, mainly by the state where they control the economy.

20. *Communism- Communism is the theory in which the distribution of products and the collective ownership of property is based on need.