Basic Economic Terms

Services

• Actions that someone does for someone else, like haircuts or car repairs.

• Products that are sold in stores.

• Items that are manufactured in factories.

• Tasks that can be completed independently.

Price

• The amount of money needed to buy something.

• A type of currency used in transactions.

• The total cost of production for an item.

• A discount applied to the original cost.

Trade

• 
• A type of investment strategy

• A method of communication between countries

• A form of entertainment

Import

• 
• To export goods or services to another country

• To sell products within the same country

• To manufacture products locally

Export

• 
• To receive goods or services from another country

• To produce goods for local consumption

• To store goods in a warehouse

Community

• A group of people living in the same area who share things in common.

• A collection of random individuals with no shared interests.

• A type of social media platform for networking.

• A geographical location with no inhabitants.

Demand

• How much of something people want.

• The total supply of goods available.

• The price at which goods are sold.

• The amount of money consumers are willing to spend.

Supply

• The total amount of a product available for sale.

• How much of something is available.

• The demand for a product in the market.

• The price at which a product is sold.

Goods

• Items that can be bought or sold.

• Services that cannot be touched or owned.

• Products that are only available online.

• Items that are given away for free.

Market

• A place where goods and services are bought and sold.

• A location where only food items are sold.

• A venue for entertainment and leisure activities.

• A type of financial institution.