Economics Vocab

Economics

• The study of the production, distribution and use of goods and services

• Anything that can be grown or manufactured

• An action a person does for someone else in exchange for money or value

Goods

• Anything that can be grown or manufactured

• An action a person does for someone else in exchange for money or value

• A product brought into a country to be sold there

Services

• someone who offers goods and services

• an action someone does for someone else in exchange for money or value

• a person who buys a good or service

Producer

• a product brought into anther country to be sold there

• A good or service sent to another country for sale

• Someone who creates or offers a good or service

Consumer

• an exchange of goods or service

• a person who buys a good or service

• The amount of a product that a producer is willing and able to sell at a specified price

Import

• a product brought out of a country to be sold in other places

• a product brought into a country to be sold there

• an exchange of goods or services