Economics Vocabulary

The study of how goods and services are produced, distributed, and consumed.

• Economics

• Producer

• Consumer

• Value

Goods that are used to make other goods or to provide services, (businesses, machines, money, etc. )

• producer

• consumer

• Capital resource

• currency

A person who uses/buys a good or service.

• export

• producer

• trade

• consumer

The type of money that a country uses to buy or trade things.

• Currency

• Demand

• Good

• resource

People's willingness to buy goods or services

• export

• Good

• service

• Demand

Ship, or send out gods to other places.

• Export

• Import

• Scarcity

• Supply

Something people buy that you can hold or touch.

• Good

• Opportunity Cost

• Resources

• Specialize

Resources found in people

• Resources

• Income

• Human Resources

• Services

Bring in goods from other places.

• import

• income

• service

• supply

The money you earn.

• Service

• Resources

• Income

• Specialize