Social Studies: Basic Economic Concepts

The amount of products or services that businesses provide

• Want

• Business

• Supply

• Demand

Something that people would like to have

• Need

• Want

• Demand

• Consumer

A person who buys and uses goods and services.

• Consumer

• Producer

• Business

• Goods

The making and selling of products and services

• Supply

• Need

• Want

• Business

Things that can be bought and sold

• Wants

• Goods

• Needs

• Supply

What is work that is done for others for pay?

• Producer

• Consumer

• A service

• Free enterprise

What are children taking part in by washing cars, raking leaves, and caring for pets to earn income?

• Goods

• Free enterprise

• Products

• Government services