Economics Glossary: Key Terms and Concepts, Papers of Information Technology

Download Economics Glossary: Key Terms and Concepts and more Papers Information Technology in PDF only on Docsity! Consumer A person who buys goods and services Currency Paper money issued by the government. Economics The study of choice and decision-making in a world with limited resources. Goods and Services A good is something found in nature or made by people (you can touch it). Someone who performs a duty or work for another is said to be providing a service. Interdependent People and/or businesses depending on or helping each other. Money This is used as a payment for goods and services. Needs and Wants A need is a good or service that fulfills a basic thing needed for survival (i.e. food, water, shelter, and air). A want is a good or service one would like to have, but it is not necessary to survive. (i.e. toys, candy, games, and electronics). Opportunity Cost The best thing you give up to get something. Price The amount of money that you have use to buy a good or service. Producer Someone who makes goods that are to be bought or sold. Resource Something that can be used to make a good. Natural resources are resources found in nature. Scarcity A shortage or goods or services that are needed. Supply and Demand Supply is the amount of goods available. Demand is how many consumers desire the goods that are in supply. Glossary of Economics Unit Terms Name _______________