Economics Vocabulary

When a person works and gets paid, it is called

• goods

• services

• earning

• supply

A plan that shows income, spending, and savings is called a

• budget

• profit

• services

• income

The money a person earns from a job or other place is called

• goods

• income

• budget

• profit

Using money to purchase a good or service is

• profit

• budget

• spending

• goods

The amount of income that is not spent is

• scarcity

• demand

• budget

• savings

Things that people make or grow and then sell are

• income

• goods

• services

• demand

Jobs that one person does for another person are

• services

• demand

• earning

• spending

The income a business has left after you subtract the cost is

• demand

• supply

• profit

• scarcity

When a person gets to decide what to produce or sell it is called a

• free enterprise

• product

• income

• profit

When you are looking for a product but it is sold out - this is an example of

• scarcity

• demand

• supply

• free market