economic terms
These are some of the economic terms studied in 7th grade Social Studies
Terms
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- Consumption
- the atillization of economic goods and services
- Goods
- tangible itmes cabable of being seen or touched
- Partnership
- is two or more owners who share in owing a bissness
- Supply
- the amount of a good or service that producers are able (and able) to supply
- Production
- the manufactioring, mining or growing something
- Wants
- the unfiled desires that motivate human behavior
- Public Goods and Public Services
- goods and services that would be provided in a pure free-market system
- Distribution
- the way nation's reasouces good and services are distributed
- Consumer Goods
- goods used at home
- Consumer
- a person who buys goods or services
- Economics
- the study of how people choose to use scarce reasources to satisfy human wants
- Human Capital
- the knowledge aquired by a worker