Economics: the study of the way money, goods, and services are made and used in society.

Goods: things that are made by people or found in nature that individuals want for their own use or to be used to produce other goods or services – physical items

Services: work that does not result in something you can touch or hold

Barter: trade

Needs: items required for survival

Wants: items people would like to have

Expenses: what is paid out to own and run a business (rent, labor, materials, etc.)

Income: what is taken in when owning or running a business

Profit: the extra money a business keeps after it paid all its costs (expenses)

Loss: when expenses exceed or are more than what a business takes in

Supply & Demand: when supply is low and demand is high, price will increase

when supply is high and demand is low, price will decrease