Economics Vocabulary

Things that can be touched are

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

Work that does not produce something you can touch is a

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

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

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

_________________ means we have a limited supply of resources.

Those who make a good or provide a service are

Those who buy goods and services are

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