goods - physical items such as food, clothing, cars, and homes, services - activities people do for others for a fee; examples include medical treatment, education, equipment and car repairs, haircuts, and concerts, consumer - one who buys or uses goods or services, producer - the person or business that uses resources to make goods or provide services, natural resources - a gift of nature, part of the natural environment; includes the air, the soil, water, and minerals, human resources - the people who produce goods and provide services, capital resources - the money and property (factories, tools, bridges, machines, and so on) that are used to produce goods and services, scarcity - the concept that there are not enough resources (natural, human, and capital) available to satisfy all needs and wants; as a result, choices must be made, opportunity cost - the value of the second choice in a decision-making situation, supply - the quantity of a good or service offered for sale, demand - the quantity of a good or service consumers are willing and able to buy, profit - the amount left after costs are subtracted from the selling price, traditional economy - an economy in which customs, habits, and beliefs determine how the four basic economic questions are answered, command economy - an economy that is controlled by the government, which determines the answers to the four basic economic questions, market economy - an economy in which individuals answer the four basic economic questions based on supply and demand, interdependent - refers to an economic system where producers and consumers rely on each other and on other economies to succeed, tariff - a tax on imports designed to keep out foreign competition, inflation - an economic indicator reflecting a steady increase in the consumer price index, unemployment rate - an economic indicator; the percentage of people who are out of work and looking for jobs, GDP - the total market value of all goods and services produced in the U.S. in a certain time period, trade-off - a giving up of one thing in return for another, import - goods received from another country, export - goods sent or sold to another country,

Economic Terms

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