Economics Concepts Definitions
| Concept | Definition |
|---|---|
| Producers/Production | People who use resources to make goods and services, also called workers./ The making of goods and services using resources. |
| Productivity | The amount of goods or services that are produced per worker (or sometimes, per other input), or output per person. |
Who uses a good or service?
Economics Vocabulary C. 1, 2, 3.
| A | B |
|---|---|
| consumer | any person or group that buys or uses goods and services to satisfy personal needs and wants. |
| disposable income | income remaining for a person to spend or save after all taxes have been paid. |
What do we call people who use a product?
consumers. those people who actually use a product.
Which is the measure of goods and services consumers are willing to buy?
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing.
Can something be both a good and a service?
The combination of a product and a service is a product-service hybrid. For example, the iPod and iTunes were a famous example of this approach. Yet, they were complementary hybrids – it was possible to use an iPod without iTunes and vice-versa.
What is the word for extra money?
extra money and mad money. petty cash spending money. extra money and petty cash. pin money spending money. extra money and pin money.
What do you call someone who likes to make things?
Someone who enjoys making things is often referred to as crafty, arty, or even artsy-craftsy.
What do you call someone who sells things?
someone who goes from one place to another selling things. personal shopper noun. Free thesaurus definition of general words for people who sell things or work in shops from the Macmillan English Dictionary – a free English dictionary online with thesaurus and with pronunciation from Macmillan Education.
What is the use of goods and services?
use of goods and services – (economics) the utilization of economic goods to satisfy needs or in manufacturing; “the consumption of energy has increased steadily”.
What do you call someone who sells tickets?
British someone whose job is to sell tickets, for example at a railway station or a theatre a person or company that has the legal right to sell things at a place owned by someone else someone whose job is to welcome people when they arrive somewhere, especially in a restaurant or shop
