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Intro to Economics vocab Flashcards | StudBud

Explore/Intro to Economics vocab

Intro to Economics vocab

8 terms·StudBud Administration·105 plays

Simple definitions for wants, needs, goods, services, producers, consumers, supply & demand

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Questions 8

Answers

1
What is the definition of a service?
an item that you buy that can see or touch
an activity that is provided to you by another person
2
What is the definition of a good?
an item that you buy that you can see or touch
an activity that is provided to you by another person
3
What is the definition of supply?
how much of an item there is available to buy
how many people want to buy an item at a particular time
4
What is the definition of a want?
something that you would like to have
something that you must have to survive or live
5
What is the definition of a producer?
Business or person that buys or uses products or services
Business or person that makes or sells products or services
6
What is the definition of demand?
how much of an item there is available to buy
how many people want to buy an item at a particular time
7
What is the definition of a consumer?
Business or person that makes or sells products or services
Business or person that buys or uses products or services
8
What is the definition of a need?
something that you would like to have
something that you must have to survive or live