Definition

=Economics Terms= =Define the following:=

1. Supply- How much you have of something or your quanity of a product your supply has to meet your demand.

2. Demand- How much the customers desire the product your selling.

3. Scarcity- This means that you have a little supply of something and its rare to buy.

4. Producer- manufacturer who produces goods or services to sell to the business

5. Consumer- The person that buys the product

6. Goods- your merchandise that you have if its tv’s or food

7. Services- Services are products that can’t be stored and are sold at that time and day cheaper

8. Entrepreneur- a person that takes the risk of Taking a business or enterprise

9. Cost- How much money needed to buy something

10. Opportunity Cost- the value of the benefit forfeited by choosing one alternative over another.

11. Competition- A rivalry between another person for goods or more consumers

12. Income- amount of money received in payment for goods or services like profits

13. Expenditure- It means to spend money

14. Barter- That means to trade goods or services without using money

15. Inventory- How much you have of something.

16. Invest- put money in a business for future benefits and profits.

17. Material- Materials are physical substances used for producing or manufacturing,

18. *Capitalism-capitalism is when the land labor and capital are owned and operated by corporations.

19. *Socialism- It is complete ownership and production and distrubition of goods and equal opportunities for all individuals with a fair or egaliration method of compensation.

20. *Communism- a communist economy would consist of common ownership of the means of production, and eventually the negation of the concept of private ownership