Economics Vocabulary

buys and uses goods and services

• consumer

• producer

• entrepreneur

• labor

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

• demand

• supply

• opportunity cost

• entrepreneur

a person who has the ideas and skills to start a business

• entrepreneur

• laborer

• manager

• consumer

Tags

CCSS.L.4.6

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.K.5A

Items for sale that can be touched.

• goods

• services

• demand

• profit

things that people must have in order to survive

• needs

• wants

• opportunity cost

• scarcity

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

someone who makes goods and services

• producer

• consumer

• entrepreneur

• government

Tags

CCSS.L.4.6

CCSS.L.6.6

CCSS.RI.5.4

CCSS.W.4.2D

CCSS.W.5.2D

the amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

Many individuals desiring something that has limited availability

• scarcity

• opportunity cost

• supply

• needs

work done for someone else in exchange for payment

• services

• supply

• scarcity

• land

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

things that people would like to have but can live without

• wants

• needs

• scarcity

• opportunity cost

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C