Economic Goods and Services

the study of how a society chooses to use its scarce resources to produce goods and services

• economics

• choice

• market

• profit

objects that can satisfy people's wants

• goods

• services

• demand

• supply

actions that can satisfy people's wants

• services

• goods

• supply

• demand

quantity of goods available in the marketplace at any given time and at a given amount

• supply

• demand

• market

• price

amount of a good that buyers will buy at a specific time and at a specific price

• demand

• supply

• choice

• profit

exists whenever buyers and sellers exchange goods and services

• market

• barter

• price

• profit

direct trading of goods and services between people

• barter

• market

• price

• import

what people pay when they buy a good or service and what they receive when they sell a good or service

• price

• barter

• profit

• export

used to make goods and services

• productive resources

• specialization

• market

• imports

quantity and quality of human effort directed toward producing goods and services

• human resources

• natural resources

• capital goods

• specialization