Economics Flashcards | StudBud1What is scarcity?
- Not able to have all the goods and services we want
- Not having enough resources for producing items
- Having all the resources and items we want
- Wanting items not having enough resources
2What is a partnership?
- A form of business between two or more people
- People that make goods
- People who pay for goods
- Two or more groups competing against each other.
3What is a bartering?
- using money to trade things
- buying goods and services
- trading things without money
- giving away things to other people for free
4What is a profit?
- Money earned minus money spent
- Money spent minus money earned
5What is a want?
- A requirement for survival
- A desire fulfilled through the consumption of goods or servi
6When was Sofia born?
- 9/20/2004
- 8/20/2004
- 9/21/2005
- 9/20/2005
7What is competition?
- 2 or more businesses trying to attract costumers to their
- Two or more businesses join forces
8What is a need?
- Something you require in order to survive
- Something you want for fun
9What is price?
- The value of a good or service stated in monetary terms.
- Price of an item is lower than the market price
10What is personal taste?
- Disliking something and not buying it
- One of the factors that affects the law of supply and demand
- A person's taste can affect what they buy
- Loving something and buying it
11What is a consumer?
- A person that produces things
- A person that uses goods and services
- A person that makes things
- A person that eats things for money
