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Business and Economics Y7 Flashcards | StudBud
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Business and Economics Y7
Who is a Consumer
Define Trade.
Business and Economics Y7
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StudBud Administration
Basics of Economics and Business
Flashcards
8 cards
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Questions
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Answers
1
Define Trade.
Exchange of money
The exchange of goods and services
Paying someone
Getting it for free
2
Who is a Consumer
A customer
The CEO
The employee
A person who supplies goods
3
What is Economics
Study of People and Choices
Study of the Stock Market
Predictions of the Market Environment
Study of Money
4
What does GDP stand for?
Good Domestic Product
Gross Duty Product
Gross Domestic Product
Gross Domestic Payment
5
What is a Want?
A Product
An IPhone
Something you need
Goods and Services
6
What is a Need?
Something for the house
A bag of lollies
Something Vital to living
Something that's important
7
What is a cost
Something companies make up
A fixed amount of money
Something that requires payment
Something requiring sacrifice
8
Is scarcity...?
High demand with high supply
Unlimited wants but not enough supply
Something Scary
Unlimited supply with no need
