Economics Vocab

Someone that provides a good or service is know as the _______.

• consumer
• seller
• buyer
• producer

This is the amount of product available.

• Demand
• Scarcity
• Opportunity Cost
• Supply

Emily has the choice between buying her new favorite movie on DVD or getting the new pair of sandals she has been wanting. If Emily chooses the shoes, what is her opportunity cost?

• The shoes
• The DVD

Someone that buys a good or service is known as the _______.

• consumer
• seller
• buyer
• producer

Opportunity cost is...

• the selling of a good or service.
• not having enough of a good or service to meet the demand.
• what you give up when you choose to buy or do something else.
• someone who buys a good or service.

Goods-or-Services:
doctors
lawyers
barbers
electricians
Wi-Fi

• Goods
• Services

Goods-or-Services:
food
cars
clothes 
cellphone
pencils

• Goods
• Services

Things that occur naturally in the world and can be used as a good or service

• Human resources

• Capital resources

• Natural resources

People who work as a good or service

• Human resources

• Capital resources

• Natural resources

A type of resource that is made in a factory.

• Human resources

• Capital resources

• Natural resources