Economy Vocabulary

Who is a consumer?

• A person who buys goods and services.
• A smart shopper
• A person who makes and sells goods and services.
• Someone who spends money constantly. 

What are goods?

• Things in the world.
• Things that are made or grown and then sold.
• Only positive things that happen to consumers.
• An activity that a business or person trades for payment.

What is scarcity?

• When there is a small amount of something available.
• A large amount of an item available.
• Scary things that happen in the economy.
• This is not part of an economy.

What is supply?

• The want or need from consumers in an economy.
• Supply is not part of an economy.
• The amount of something available.
• To trade without using money.

What is demand?

• The amount of an item available to consumers.
• A good or service that is grown and then sold.
• How much consumers want something.
• Demand is only on TV.

What are services?

• An activity that a business or person trades for payment.
• Services include clothing, food, and water.
• An item produced in an economy that you exchange money for.
• There are no services in our current economy. 

What is a producer?

• Producers are only used in the music industry.
• A person who makes and sells goods and/or services.
• A person purchasing the good or service.
• Producers and consumers are the exact same thing.

When the demand of something goes up, the supply usually goes...

• Up
• Sideways
• Down
• Goes to 0 Immediately

When the supply of something goes down, the demand usually goes...

• Up
• Down
• Sideways
• Off the Chart

Economy is...

• The wealth and resources of a country or region.
• Something we talked about in the old days only.
• Not something kids need to know.
• Something that is made up by the government.