Economics+Terms

**Define the following:**
 * Economics Terms**


 * 1) Supply: to provide something that is wanted or needed
 * 2) Demand: a desire of purchases
 * 3) Scarcity: small numbers or quantities
 * 4) Producer: someone that supplies goods for sale
 * 5) Consumer: someone who purchases goods and use them
 * 6) Goods: merchandise
 * 7) Services: assistance given to customers during the sale of goods
 * 8) Entrepreneur: a person who organizes a business and takes financial risks
 * 9) Cost: an amount requested for an item
 * 10) Opportunity Cost: not being able to gain something anymore after you've chosen one option
 * 11) Competition: rivalry between two or more teams, businesses, etc.
 * 12) Income: money received in regular intervals
 * 13) Expenditure: spending money
 * 14) Barter: to trade without the use of money
 * 15) Inventory: a list of goods that are in stock
 * 16) Invest: putting money into something that would be expected to make a profit
 * 17) Material: things needed to make or do something
 * 18) *Capitalism: a system in which a country's trade and such are controlled not by the state, but a potential profit owner
 * 19) *Socialism: a theory that states that production, distribution, and trade should be controlled by the whole community, and not just each individual
 * 20) *Communism: a theory that states that property should be publicly owned and in a job, each person should be paid according to their abilities