Define

Economics Terms Define the following:

1. Supply- The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.

2. Demand- The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.

3. Scarcity- The condition that exists because human wants exceed the capacity of available resources to satisfy those wants also a situation in which a resource has more than one valuable use.

4. Producer- People and firms that use resources to make goods and services.

5. Consumer- People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services

6. Goods- Tangible objects that satisfy economic wants upon his or her skills and initiative to launch a new business venture with the aim of making a profit.

7. Services- Activities performed by people, firms or government agencies to satisfy economic wants.

8. Entrepreneur- One who draws

9. Cost- An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

10. Opportunity Cost- The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another

11. Competition- Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources.

12. Income- Income is wear you get money back from the bank and all that

13. Expenditure-

14. Barter-

15. Inventory-

16. Invest-

17. Material-

18. *Capitalism-

19. *Socialism-

20. *Communism-