Economics Vocabulary

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

• demand

• supply

• opportunity cost

• entrepreneur

what is needed to make goods and provide services

• productive resources

• supply and demand

• consumer

• entrepreneur

Items for sale that can be touched.

• goods

• services

• demand

• profit

talents and skills of human beings

• labor

• land

• capital

• entrepreneur

material from Earth needed to make goods and services

• land

• labor

• capital

• entrepreneur

things that people must have in order to survive

• needs

• wants

• opportunity cost

• scarcity

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

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.L.9-10.6

CCSS.W.7.2D

CCSS.W.8.2D

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