Economics Vocabulary

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

• Supply

• Demand

• Economics

• Scarcity

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

• Supply

• Demand

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

• Supply

• Demand

• Producer

Someone who uses goods or services.

• Producuer

• entrepreneur

• Consumer

A person who makes goods or provides services.

• Producer

• entrepreneur

• Consumer

• economics

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

• Natural resources

• Human resources

• capital resources

Things in nature for which man has found use. Earth’s gifts.

• Natural resources

• Capital resources

• Human Resources

People with skills who do a job. Labor Resources

• Capital Resources

• Human Resources

• Natural Resources

A business owner. A person who manages the Factors of Production

• Human resource

• producer

• Entrepreneur

• consumer

The amount of money that a company makes after all the costs of running the business have been paid.

• debt

• investment

• profit

• scarcity