SCM I-UNIT 1-Economics

The production, consumption, or trade of goods and services in a society.

• Economy

• Psychology

• Management

• Supply Chain

The amount of a good that is available for purchase.

• Supply

• Shortage

• Surplus

• Shipping

The amount of a good that consumers are willing to purchase at a certain price.

• Demand

• Dollars

• Damage

• Deal

The amount of money that a consumer is will to pay for a good or service.

• Price

• Payment

• Purchase

• Penalty

The economic term for when resources are in short supply.

• Scarcity

• Surplus

• Shipping

• Government

When the demand for a good or service greatly exceeds the supply.

• Shortage

• Minimum

• Division

• Supply

When there is a complete loss of a natural resource.

• Depletion

• Demand

• Disaster

• Debris

An economic term that explains humanities necessities: Food, Clothing, and Shelter

• Need

• Want

• Surplus

• Demand

An economic term that describes humanities desires that extend above their basic needs: luxury cars, diamonds, art.

• Want

• Need

• Demand

• Supply

Any item that is made or grown to be sold.

• Good

• Consumable

• Service

• Product