Economics Vocabulary

Things that can be touched are

• goods

• services

• price

• profit

Cars, televisions, clothing, and pencils are all examples of

• price

• goods

• services

• income

Work that does not produce something you can touch is a

• good

• service

• price incentive

• profit

When you pay someone to wash your car or cut your hair, you are paying them for a

• good

• service

• profit

• supply

The amount of money that producers are willing to sell a good or service for is the

• profit

• expense

• price

• debt

______________is the amount of money the producer makes from the sale of a good or service after expenses.

• Price

• Price incentive

• Profit

• Savings

_________________ means we have a limited supply of resources.

• Debt

• Scarcity

• Tax

• Labor

Those who make a good or provide a service are

• consumers

• producers

• bosses

• customers

Those who buy goods and services are

• consumers

• producers

• providers

• entrepreneurs

The amount of goods and services people are willing to buy is the

• supply

• demand

• opportunity cost

• price incentive