SS Economics
Terms
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- What does scarce mean?
- When there is not enough of something, we say it is scarce.
- What is a producer?
- A producer is a person or business that supplies goods and services.
- What are goods?
- Goods are any item that people make and use.
- What are services?
- Services are things that people do for others. For example, a doctor provides medical services.
- What does production mean?
- Production is the act of making or providing goods and services.
- What is a consumer?
- Consumers are people and businesses that use goods and services.
- What does profit mean?
- Profit is the money left over when all expenses are paid.
- What does supply mean?
- The supply is the amount of goods and services that producers make.
- If the supply is low and the demand is great, what will happen to the price of the item?
- It will go up.
- If the supply is great and the demand is low, what will happen to the price?
- It will go down.
- What is an entrepreneur?
- They are owners of businesses.
- What are human resources?
- Human resources are labor- people that use their skills and knowledge to make goods and provide services.
- What is the economy?
- The economy is the system for producing & distributing goods & services. The government tries to control the economy.
- Which is the most important part of New York's economy? fishing, agriculture, manufacturing & industry
-
Manufacturing & industry
Manufacturers make things like cameras, glass, paper, furniture & televisions - What does import mean?
- Import means to bring goods into the country from a foreign country.
- What does export mean?
- Export means to send goods out of the country to a foreign country.
- What are needs?
-
Things we have to have-
food, water, and shelter - What are wants?
- Things we would like to have like video games or televisions but we don't need them to survive.
- The money a person earns for working is called
- income
- When a person buys a product, he or she becomes a
- consumer
- After a business pays its workers and its bills, the money it has left over is called
- profit
- A place where ships load and unload their goods is called a
- port
- Which process involves manufacturing a large number of goods by using an assembly line?
- mass production
- Importing goods from other countries is important mainly because it helps people _______________
- get items their country needs