Economic Vocabulary

Items that can be sold or possessed

• Benefits

• Costs

• Goods

• Services

A person who purchases goods and services

• Supplier

• Benefit

• Producer

• Consumer

Relating to the production, distribution, and use of goods and services

• Political

• Supply

• Economic

• Benefit

A useful activity or system for supplying something useful that you can’t hold in your hand

• Goods

• Services

• Economy

• Benefits

The amount the producers are willing/able to make

• Supply

• demand

• cost

• benefit

An advantage or profit gained from something

• Supply

• demand

• cost

• benefit

Things that are required for you to live and function

• Needs

• wants

• goods

• services

The amount consumers (buyers) are willing/able to buy

• supply

• demand

• cost

• benefit

Goods or services that people desire, but could do without

• Needs

• wants

• cost

• benefit

An amount that must be paid or spent to buy or obtain something

• supply

• demand

• cost

• benefit