Important Basic Economic Terms

One who purchases goods and services.

• Consumer

• Producer

• Wants

• Needs

One who makes goods or provides a service.

• Consumer

• Needs

• Economy

• Producer

Not having enough of something.

• Needs

• Economy

• Demand

• Scarcity

______ is any physical environmental item that people perceive to be useful.

• human resource

• natural resource

• capital resource

• distribution

_____ is equipment or goods (machinery, tools, factories, stores, vehicles, etc.) that are used to produce other goods and services.

• human resource

• natural resource

• capital resource

• production

_____ is workers and their abilities, talents, training, skills, and knowledge used to produce goods or services

• human resource

• capital resource

• natural resource

• production

What is the process of making goods and services?

• production

• distribution

• consumption

What is it called to move goods and services directly to or near consumers?

• production

• consumption

• distribution

What is the study of how people use resources to produce, distribute, and consume goods and services?

• tariff

• economics

• trade

• import

What is the amount of a product or service that is available for consumers to buy?

• demand

• supply

• scarcity

• profit