Economics Vocabulary

the amount of a good or service available

• producer

• opportunity cost

• supply

• good

work that people pay other people to do for them

• service

• consumer

• demand

• profit

people who buy goods and services

• demand

• consumer

• supply

• producer

the number of people wanting to buy a good or service

• demand

• opportunity cost

• profit

• supply

a person who starts and/or owns a business

• supply

• entrepreneur

• taxes

• opportunity cost

people who make goods and services

• producer

• entrepreneur

• consumer

• demand

things that are made or grown that people buy

• demand

• profit

• taxes

• good

amount of money remaining after expenses

• profit

• demand

• producer

• taxes

when a person has to choose to buy one item over another

• opportunity cost

• profit

• suppy

• demand

money people pay to the government to pay for roads, schools, and police

• consumer

• demand

• profit

• taxes