Economics Vocab.

A product that people in one country buy from people in another country.

• IMPORT

• EXPORT

• STUFF

• MERCHANDISE

Consumers willingness & ability to purchase a product or service.

• CASHFLOW

• SALARY

• DEMAND

• WAGE

The study of how people use resources to produce, distribute, & consume goods & services.

• TREASURY

• EMPLOYMENT

• MONEY MANAGEMENT

• ECONOMICS

The amount of a product or service that is available for consumers to buy.

• DEMAND

• SUPPLY

• INVENTORY

• WAREHOUSE

The money or value that is gained after you subtract the costs involved.

• OVERAGE

• SURPLUS

• PROFIT

• GAINS

Any physical environmental item that people perceive to be useful in producing goods & services.

• PRODUCTS

• NATURAL RESOURCES

• SURPLUSSES

• INVENORY

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

• FINANCIAL

  SYSTEM

• FLOW CHART

• GOVERNMENT

• ECONOMIC SYSTEM

When individuals, regions, & countries produce certain kinds of goods & services.

• FREE MARKET

• PRIORITIES

• SPECIALIZATION

• OPEN MARKET

The process of trying to get or win something that someone else is also trying to get or win.

• COMPETITION

• CONSUMPTION

• PURCHASE

• OBTAIN

Equipment or goods that are used to produce other goods & services.

• MACHINERY

• CAPITAL RESOURCES

• CAPITAL GOODS

• PRELIMINARY RESOURCES