Economics Mini Flashcard 1. TERMS ONLY

Front

Limited amount; not enough to go around.

Back

scarcity

Front

Our desires; these make our lives easier and more satisfying

Back

wants

Front

What are necessary for our survival?

Back

needs

Front

Products we can see, touch, buy or sell

Back

goods

Front

A product that is considered work that someone does for another

Back

services

Front

someone who buys and/or uses goods & services (products)

Back

consumer

Front

Any place where buyers (consumers) and sellers (producers) come together to exchange profit for products (g/s)

Back

market

Front

In economics, another name for goods and services (g/s) is

Back

products

Front

Goods intended for an individual's use

Back

consumer goods

Front

The act of making or creating products (goods and services)

Back

production