Home Library Explore SAT

Home Library Explore SAT

Economics Definitions Flashcards | StudBud

Explore/Economics Definitions

Economics Definitions

12 terms·StudBud Administration·41 plays

Revision

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
Goods =
ITEMS/PRODUCTS for sale; something you can touch and hold
ACTIONS for sale, they will do something for you; something you cannot hold
A person who BUYS goods and services
2
Consumer =
A person or a company that MAKES goods and services
A person who BUYS goods and services
Something we MUST have for our survival
3
Which term best pairs with 'Wants'? e.g. Wants and _____
Needs
Consumer
Demand
Producer
4
Which term best pairs with 'Supply'? e.g supply and _____
Needs
Services
Demand
Producer
5
Need =
Something nice to have but NOT ESSENTIAL for survival
Something we MUST have for our survival
The willingness and ability to buy goods and services
6
Which term best pairs with 'Producer'? e.g producer and _____
Wants
Goods
Demand
Consumer
7
Supply =
The amount of goods and services that people WILL buy
The amount of goods and services that are AVAILABLE for people to buy
A person or a company that MAKES goods and services
8
Want =
Something nice to have but NOT ESSENTIAL for survival
Something we MUST have for our survival
A big system based around meeting our wants and needs
9
Services =
ITEMS/PRODUCTS for sale; something you can touch and hold
ACTIONS for sale, they will do something for you; something you cannot hold
The amount of goods and services that are AVAILABLE for people to buy
10
Which term best pairs with 'Goods'? e.g goods and _____
Supply
Services
Consumer
Wants
11
Producer =
A person or a company that MAKES goods and services
A person who BUYS goods and services
A big system based around meeting our wants and needs
12
Demand =
The amount of goods and services that people WILL buy
The amount of goods and services that are AVAILABLE for people to buy
Something we MUST have for our survival