Economics Vocabulary Practice

buys and uses goods and services

• consumer

• producer

• entrepreneur

• labor

The number of consumers who want and able to buy a good or service.

• demand

• supply

• opportunity cost

• entrepreneur

Deals with production, distribution, consumption of goods and services and satisfying peoples wants and needs.

• economics

• demand

• supply

• entrepreneur

a person who has the ideas and skills to start a business

• entrepreneur

• laborer

• manager

• consumer

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.L.K.5A

Items for sale that can be touched.

• goods

• services

• demand

• profit

material from Earth needed to make goods and services

• land

• labor

• capital

• entrepreneur

the value of the second-best choice that is given up when a decision is made

• opportunity cost

• producer

• profit

• scarcity

someone who makes goods and services

• producer

• consumer

• entrepreneur

• government

Tags

CCSS.L.7.6

CCSS.L.8.6

CCSS.W.7.2D

CCSS.W.8.2D

CCSS.W.9-10.2D

the amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Many individuals desiring something that has limited availability

• scarcity

• opportunity cost

• supply

• needs