Economics

Front

The study of making, buying and selling of goods

Back

Economics

Front

Money that an individual earns in exchange for goods or services

Back

income

Front

Payment of cash or cash equivalent in exchange for a good or service

Back

expenditure

Front

Amount of money a person saves over time

Back

savings

Front

The buying and selling or trading between 2 willing parties; usually countries

Back

trading

Front

The thing you give up when you decide to have something else

Back

opportunity cost

Front

The result of people making the goods they are best able to produce with the resources they have

Back

specialization

Front

The process of willingly trading one item for another; usually between people

Back

voluntary exchange

Front

When a company reduces the price of a good or service to encourage consumers to buy

Back

price incentive

Front

Steve opened a taco food truck. The amount of money he earned is:

Back

income