The study of production, distribution, and consumption of goods and services

GOODS

Items that can be bought or sold.  Ex.  Gum, car, clothes, shoes etc.

SERVICE

Kinds of things that people need and usually pay for.  Example: doctor, lawyer, mowing your lawn, plowing your driveway etc.

People who make goods and provide services.

A person who buys goods and services.

LAW OF DEMAND

As the price goes up, the demand 

goes down.(people like to buy

things at the lowest price)

IMPORTS

Goods and services a country

buys from another country.

EXPORTS

Goods and services a country sells to other countries

LAND

Productive, resources occurring in nature such as water, soil, trees and minerals.

LABOR

also known as (Human Resouces)

Consists of the talents, training and skills of people that contribute to the production of goods and services.

CAPITAL

Refers to productive resources made by past human efforts and includes resources such as buildings machinery and tools.

ENTREPRENURSHIP

Activities of profit seeking

decision makers who make

decisions about which economic

activities to undertake and how

they should be undertaken.

Nations depend on eachother to obtain goods and services to meet their economic needs.

TRADE OFF

When one thing is given up for another. 

The making of only some types of goods and services.