Economics+Terms

Define the following:

1. Supply - To provide the items.

2. Demand - To ask for with proper authority.

3. Scarcity - Rarity.

4. Producer - A person who produces.

5. Consumer - A person or thing that consumes.

6. Goods - Morally excellent.

7. Services - An act of helpful activity.

8. Entrepreneur - A person who organizes and manages any enterprise.

9. Cost - A price paid to acquire, produce, accomplish, or maintain anything.

10. Opportunity Cost - The cost of an alternative that must be forgone in order to pursue a certain action.

11. Competition - The act of competing.

12. Income - The monetary payment received for goods or services, or from other sources, as rents or investments.

13. Expenditure - The act of expending something.

14. Barter - To trade by exchange of commodities rather than by the use of money.

15. Inventory - A complete listing of merchandise or stock on hand, work in progress, raw materials, finished goods on hand, etc., made each year by a business concern.

16. Invest - To put (money) to use.

17. Material - The substance or substances of which a thing is made or composed.

18. *Capitalism - An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, esp. as contrasted to cooperatively or state-owned means of wealth.

19. *Socialism - A theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.

20. *Communism - A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.