Economics Flashcard (Goods, services, consumers, producers, ect.)

Front

What is a good?

Back

something you buy or use

Front

What is a service?

Back

an action someone does for someone else

Front

Is the following an example of a good or a service? Hair Cut

Back

Service

Front

Is corn an example of a good or a service?

Back

Good

Front

What is a consumer?

Back

a person who buys and uses goods or services

Front

What is a producer?

Back

a person who makes goods or provides services

Front

A Hair Stylist would be an example of a...

Back

Producer

Front

If I were to go grocery shopping, I would be a ....

Back

consumer

Front

What is supply?

Back

the amount of something available to consumers

Front

What is demand?

Back

how much consumers want something.