Definitions

Define the following:**
 * Economics Terms


 * 1. Supply**-the amount of an item


 * 2. Demand**-the rate that customers want the product


 * 3. Scarcity-**having more than enough


 * 4. Producer-**person or group that makes the product or delivers the service


 * 5. Consumer-**a person that uses the products made or services done to help with their lives


 * 6. Goods-**things that give a good feeling for the economic wants


 * 7. Services-**things done by one person or a group to give help to the economy


 * 8. Entrepreneur-**a person that takes their own skills to form a business that can provide for the people


 * 9. Cost-** the price of an object being sold


 * 10. Opportunity Cost-**the next value or the next thing to do to replace the previous plan


 * 11. Competition-**other people or groups that are trying to give the same type of products for different prices


 * 12. Income-**the amount of money that goes into the houses


 * 13. Expenditure-**government taxes


 * 14. Barter-**trading products or services for other products or services without paying


 * 15. Inventory-**the amount of products in the stock


 * 16. Invest-**putting cash somewhere hoping that more cash will add on to it


 * 17. Material-**the things needed for the making of the product or action of the service


 * 18. *Capitalism-

19. *Socialism-**talking kindly with customers and making conversation


 * 20. *Communism-**