Economics Vocabulary

the study of how resources are used, made, distributed, consumed, and exchanged

• Producer

• Economics

• Scarce

• Supply

something you buy or use

• service

• producer

• good

• demand

an action someone does for someone else

• service

• good

• consumer

• producer

a person who buys and uses goods or services

• producer

• consumer

• demand

• supply

a person who makes products or provides services

• producer

• consumer

• supply

• demand

things we must have to stay alive

• supply

• available

• want

• need

things we would like to have but do not need for survival

• scarce

• need

• want

• available

how much of a product or service is available for people to buy

• demand

• suppy

• scarce

• available

how much of a product or service people are willing to buy

• demand

• supply

• scarce

• available

not enough to meet demand

• demand

• supply

• scarce

• available