1C Economics Vocabulary

A person purchasing the good or service

• commodity

• consumer

• creator

• producer

The study of how individuals and societies use resources to produce goods and services.

• economics

• inflation

• market

• barter

An item that is traded in an economy.

• goods

• services

• demand

• profit

An activity that a business or person trades for payment.

• services

• supply

• scarcity

• land

The person or business that creates, sells or offers the good or service.

• producer

• consumer

• entrepreneur

• government

The exchange (goods or services) for other goods or services without using money.

• barter

• produce

• specialization

• services

The extent to which consumers want to certain good or service.

• demand

• supply

• opportunity cost

• entrepreneur

The system a society uses to answer the basic economic questions.

• literacy system

• human capital

• entrepreneurship

• economic system

An economic system where the consumer drives many economic decisions.

• Traditional Economy

• Mixed Economy

• Market Economy

• Command Economy

The amount of a product or service in the market.

• shortage

• surplus

• demand

• supply