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Economy (not Economics)

Economy (not Economics). The way a country manages its money and resources (such as workers and land) to produce, buy, and sell goods and services. Consumer. Good. A person or organization that uses a goods or services.

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Economy (not Economics)

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  1. Economy(not Economics) The way a country manages its money and resources (such as workers and land) to produce, buy, and sell goods and services.

  2. Consumer Good A person or organization that uses a goodsor services Something produced that is intended to satisfy the wants or needs of a consumer

  3. Service Producer A person or business enterprise that generates goods or services Something someone else does for you

  4. Supply Demand The amount of a good available in the market The amount of a good or service that people want to buy

  5. Needs Something needed to live Wants Natural Resource To feel a need or desire for Anything people can use which comes from nature

  6. Capital Resource Human Resource The personnel of a business or organization; a person providing goods or services Any asset used in the production of products and/or services

  7. Entrepreneur Efficiency One who organizes, manages, and takes on the risk of a business. Skillfulness in avoiding wasted time and effort

  8. Export Import Commodities (goods or services) sold to a foreign country commodities (goods or services) bought from a foreign country

  9. Quota Tariff Limitation on imports; limit of good that can be brought into a country A tax on imported goods

  10. Trade Trade Embargo To engage in the exchange, purchase, or sale of goods A government order forbidding trade with another country

  11. Gross Domestic Product GDP The total market value of all the goods and services produced within the borders of a nation during a specified period.

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