economic vocab review 2

People who purchase a good or service for use

• consumer

• producer

• exchange

• capital resources

Consumer

• people who buys goods for use

• people who make/create a product or service

• the way we distribute goods

• our reusable resources

Producers

• People who make/create a good or service

• People who purchase a good or service

• The action of doing something for someone else

• A tangible item that satisfies some human want or need

People or business that create a good or service for consumption

• Producer

• Consumer

• Product

• Middle man

Goods

• A tangible item that satisfies some human want or need

• The way a product is made

• The action of doing something for someone else

• How we get products from one place to another

Gross Domestic Product (GDP)

• Measures the market value of all goods and services produced in a country per year.

• How well a society uses resources to make goods.

• A measure of quality of life.

• The way products are made

The total value of all products made within a countries border in a year

• GDP (Gross Domestic Product

• Standard of Living

• Opportunity Cost

• Capital Resources

systems and tools that are used make goods and service better cheaper and faster

• Technology

• Productivity

• Exchange

• Resources

Technology

• The things that are used to make goods and service better, cheaper and faster

• The things need to make a product or service

• The equipment, tools, and buildings that are used to make products.

• The value of a product or service versus the cost to produce that product or service

Productivity

• The value of a product or service versus the cost to provide that value or service

• A measure of quality of life

• Measures the market value of all goods and services produced in a country per year.

• The loss or an opportunity due to another opportunity chosen