Economics Vocabulary Terms

What is a medium of exchange used to buy goods and services?

• Economic wants

• Money/currency

• Marketplace

What is it called when people or factories focus on one product or service?

• Scarcity

• Interdependence

• Specialization

What are people's desires that can be met by consuming/buying goods and/or services?

• Economic wants

• Money/currency

• Economic Resources

What is it called when people, businesses, and nations depend or rely on the resources, goods, and services of other people and places?

• Specialization

• Interdependence

• Economic Want

What is it called when human, natural, and capital resources are used to make a good or provide a service?

• Economic resource

• Economic want

• Marketplace

What is it called when there aren't enough resources for the wants people have?

• Specialization

• Interdependence

• Scarcity

What is any place or system where buyers and sellers can do business?

• Specialization

• Money/Currency

• Marketplace