Unit 2: Economics Vocab

Front

Tangible items that can be bought or sold

Back

Goods

Front

Help or work provided by others; intangible actions people perform.

Back

Services

Front

All businesses related to the same type of good or service

Back

Industry

Front

Man-made object needed for a product or service

Back

Capital

Front

A person who takes risks & starts a business for profit

Back

Entrepreneur

Front

Goods & services production & distribution in a place

Back

Economy

Front

Goods/services available to buy; How much is there?

Back

Supply

Front

Consumer desire to buy a good or service.

Back

Demand

Front

Price of a good/service based on consumer demand and availability.

Back

Market Equilibrium

Front

A shortage; limited supply available

Back

Scarcity