Economics Vocabulary Terms

Front

a shortage or lack of supply

Back

scarcity

Front

What is Economics?

Back

a system of producing, distributing, and consuming goods and services

Front

to buy a product or service

Back

consume

Front

selling and shipping a product is: ____________________

Back

Distribute

Front

the desire for a product or service

Back

Demand

Front

The way a place uses its money, good services, and natural resources.

Back

Economy

Front

Material found in nature that people can use.

Back

Natural Resource

Front

The amount of goods and services that are available.

Back

Supply

Front

Sally goes to buy a hot chocolate every morning at the local donut shop. What is she?

Back

Consumer

Front

Mrs. Bates is a teacher. She provides a

Back

Service