Civics: Economics vocabulary

1. The study of the production, distribution and use of goods and services

• Civics

• Goods

• Economics

• Supply

Anything that can be grown or manufactured

• Goods

• Services

• Supply

• Demand

An action a person does for someone else in exchange for money or value

• Credit

• Services

• Import

• Export

Someone who creates or offers a good or service

• Supplier

• Demand

• Manufacturer

• Producer

A person who buys a good or service

• Consumer

• Producer

• Credit

• Economics

A product brought into a country to be sold there

• Export

• Import

• Demand

• Tariff

A good or service sent to another country for sale

• Import

• Goods

• Export

• Services

An exchange of goods or services

• Trade

• Economics

• Producer

• Consumer

The amount of a product that a producer is willing and able to sell at a specified price

• Demand

• Supply

• Manufacturing

• Trade

The amount of product that a consumer is willing and able to buy at a specified price

• Opportunity cost

• Supply

• Demand

• Equilibrium