Economics Vocabulary (Market Day)

What is "Economics"?

• The study of making money.

• Buying things you need most.

• The study of the manufacture, distribution, sale, and use of goods and services.

• Using your class cash on Market Day.

What is a "consumer"?

• Someone who uses goods or services.

• A plant that makes its own food.

• The food that animals eat.

• Someone who produces goods or provides services.

What is a "Producer"?

• Someone who uses goods or services.

• A plant that makes its own food.

• The food that animals eat.

• Someone who produces goods or provides a service.

What are "Goods"?

• The better things we can buy.

• Materials that are produced for people to buy that can be seen and touched.

• Jobs that people do for other people in return for pay

• Things from nature.

What are "Services"?

• Jobs that people do for other people in return for pay

• Things that are used to make other goods.

• Materials that are produced for people to buy that can be seen and touched.

• Things from nature.

What does "Supply" mean?

• The amount of a product that is available for people to purchase.

• How much in the way of goods and services people want and are able and willing to buy at a given price.

• The gap between how much you have and how much you need.

What does "Demand" mean?

• The gap between how much you have and how much you need.

• How much in the way of goods and services people want and are able and willing to buy at a given price.

• The amount of a product that is available for people to purchase.

What are "Natural Resources"?

• People with skills who do a job.

• Things in nature for which man has found a use.

• Items such as land, buildings, tools, money, etc. that are used in the production of other goods.

What are "Human Resources"?

• People with skills who do a job.

• Things in nature for which man has found a use.

• Items such as land, buildings, tools, money, etc. that are used in the production of other goods.

What are "Capital Resources"?

• People with skills who do a job.

• Things in nature for which man has found a use.

• Items such as land, buildings, tools, money, etc. that are used in the production of other goods.