Economics Vocab.

Front

A product bought from another country.

Back

IMPORT

Front

Consumers' willingness & ability to purchase a product or service.

Back

DEMAND

Front

Study of resource use in producing, distributing, & consuming goods & services.

Back

ECONOMICS

Front

Amount of a product/service available for consumers.

Back

SUPPLY

Front

Value gained after costs are subtracted.

Back

PROFIT

Front

Any item perceived as useful for producing goods & services.

Back

NATURAL RESOURCES

Front

An organized way a society uses to produce, distribute, & consume goods & services.

Back

ECONOMIC SYSTEM

Front

When individuals, regions, & countries produce specific goods & services.

Back

SPECIALIZATION

Front

The process of trying to win something that others are also trying to win.

Back

COMPETITION

Front

Equipment or goods used to produce other goods & services.

Back

CAPITAL RESOURCES