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Ecenomics
bb
25
Social Studies
6th Grade
11/20/2014

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Term
supply
Definition
the amount of a good or service a owner is willing to buy
Term
Demand
Definition
how much of that good or service people are willing to buy at a certain price
Term
opportunity cost
Definition
what one gives up to do something else
Term
Economic independence
Definition
when a country does not need to rely on another country for goods or seices
Term
imoprt
Definition
something sent into a contry
Term
export
Definition
something sent out of a contry
Term
absolute advantage
Definition
when one country does best in relationship to other contrys
Term
international trade
Definition
the buying and selling among nations
Term
ecenomics
Definition
the study of goods and services
Term
Entreprenewuership
Definition
owner of a business
Term
goods
Definition
objects that can satisfied peoples wants
Term
services
Definition
something that satisfies a consumer
Term
scarcity
Definition
shortness of supply
Term
law of supply
Definition
DECISIONS MADE BY MANUFACTURERS OR MERCHANTS
Term
law of demand
Definition
price goes up demand goes down price goes down demand goes up
Term
factors of production
Definition
land labor capital goods entreprenewuership
Term
depleted
Definition
to decrease seriously
Term
interdependence
Definition
when you demand others for things you need
Term
economist
Definition
a person who studies goods and services
Term
land
Definition
all productive resources found in nater
Term
labor
Definition
the people do to provide goods and services
Term
capital goods
Definition
goods made not for own use but to help make other goods and services
Term
supplier
Definition
people who make goods and sevices
Term
consumer
Definition
people who buy the things that a business produces
Term
specialization
Definition
consecrating on what you buy
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