Economics Packet Final

The study of money and how goods and services are made, distributed, and used

• economics
• barter system
• entrepreneurship

Something you buy that can be touched

• goods
• services
• money
• product

Water is an example of a:

• need 
• want
• service
• good

The money a business earns after it pays for supplies, salaries, and other costs: 

• expense
• profit
• loss
• wage

Something you purchase that someone does for you

• favor
• money
• economics
• service

People who buy goods and services are:

• producers
• consumers
• economists
• investors

Total amount of a good or service AVAILABLE to consumers

• supply
• demand
• economy
• labor

the cost of using resources in one way instead of another

• demand cost
• recession
• opportunity cost
• capital

Factors of production are: 

• land, ships, workers, buildings
• profit, loss, supply, demand
• land, labor, capital, entrepreneurship

the process of changing raw materials into economic goods

• consumer
• producer
• production
• labor