Economics+Terms

Economics Terms

Define the following:
 * 1) Supply-To provide an great number of an product.
 * 2) Demand-To require and or is necessary.
 * 3) Scarcity- To have an sthortness or lacking of supply.
 * 4) Producer-To provide an product or good.
 * 5) Consumer-To buy the product and eat or us.
 * 6) Goods-An high quility of some sort.
 * 7) Services-To be the provider or to provide to someone or something.
 * 8) Entrepreneur-To organize or manage.
 * 9) Cost-The price of the product that you will be selling.
 * 10) Opportunity Cost-The cost of an chosen advestment that may be passed up.
 * 11) Competition-The other company that you will be competing with.
 * 12) Income-The amount of money that you will be getting back from your sales.
 * 13) Expenditure-To expand or the act of expands something.
 * 14) Barter-To trade with instead of using money.
 * 15) Inventory-The amount of what you have to sell with.
 * 16) Invest-The amount of money that you will be putting into your business.
 * 17) Material-What you will need to produce your product.
 * 18) *Capitalism-To invest in and ownership for production.
 * 19) *Socialism-To talk and control your production or your business.
 * 20) *Communism-The theory of social ness of property.