Economics Vocabulary Review

Making, buying, or selling something that people need or want

• economics

• goods

• services

• specialization

A person who uses and buys goods and services

• producer

• economics

• specialization

• consumer

A person who makes goods or provides a service

• goods

• producer

• services

• consumer

Items that you can make or buy

• goods

• services

• consumer

• economics

A job a person provides and is paid for

• goods

• consumer

• services

• producer

Materials that come from nature

• capital resources

• natural resources

• specialization

• economics

Goods made by people used to make other goods and services

• natural resources

• specialization

• capital resources

• producer

Focus on producing a single product or service

• specialization

• economics

• goods

• consumer

People or countries dependent upon one another

• goods

• capital resources

• consumer

• interdependence

A lack of resources

• specialization

• scarcity

• interdependence

• natural resources