Economics Vocabulary Unit 5

someone who uses goods and services

• producer

• consumer

• surplus

• want

someone who provides good and services

• consumer

• producer

• shortage

• specialization

something you can use

• good

• service

• need

• want

something someone does for others

• need

• want

• good

• service

how much of something is available to buy

• shortage

• surplus

• demand

• supply

how much of something people want to buy

• good

• service

• supply

• demand

something you must have to survive

• need

• want

• good

• service

something you would like to have

• want

• good

• service

• need

extra of something

• scarcity

• shortage

• surplus

• supply

not enough of something for everyone

• surplus

• shortage

• scarcity

• demand