Define Economics
The study of the choices that individuals and societies make in the production,distribution, and consumption of goods.
Define Good
A tangible item that people want and for which they will pay.
Define Service
An intangible good produced by labor for which people pay.
Define Want
The human desire to have and use a certain good.
Define Market
A mechanism that allows people to exchange goods.
Define Supply
The quantity of a good for sale at a certain price under a certain condition; the amount of a good that is produced.
Define Demand
The amount of a good that is bought at a certain price under certain conditions.
Define Producer
A person who works to provide goods.
Define Consumer
A person who uses goods.
Define Value
The worth that consumers attach to a good.
Name given to scholars of the production, distribution and consumption of goods.
Economist
Term used for an economist´s prediction of what will happen to an economy
Economic Forecast
Define Laws of Economics
The general principles guiding the production,distribution and consumption of goods.
Define trade balance
The difference un value of the goods that a country sells abroad compared to those it purchases
