Economic Terms Flashcards

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Import

Back

Something bought from outside your country/region.

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Export

Back

Something sold to others outside your country/region.

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Interdependence

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When 2 or more people or groups rely on each other for something they need/want.

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Productivity

Back

Creating something quickly and of good quality.

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Production

Back

Combination of resources to make goods and services.

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Consumer

Back

Buyer of goods/services.

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Profit

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The amount of money left over from a sale after all expenses have been taken out.

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Price

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Cost to make a purchase.

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Entrepreneur

Back

Person who assumes the risks/costs of starting a business.

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Marketable Product

Back

Something made with the intent to sell for a profit—only sells if there is a demand for the product.