Economics Vocabulary

What does economics mean?

• The study of money

• The study of how goods and services are used

• The study of the world

• The study of oceans

What is a producer?

• Someone who buys a good or service.

• Someone who sings.

• Someone who likes money.

• Someone who makes or sells a good or service.

Which is an example of a producer?

• A child who buys a toy

• A person who owns a car.

• A farmer that grows corn.

• A child who eats candy.

What is a consumer?

• Someone who buys a good or service.

• Someone who makes or sells a good or service.

• Someone who goes to school.

• A farmer who grows corn.

What is a good?

• Work someone does for someone else.

• Something that glows.

• A good is any product that is made or grown.

• I don't know!

Which is an example of a good?

• A computer

• Getting a haircut

• Building a house

• I don't know!

What is a service?

• Products that are made or grown.

• Work that someone does for someone else.

• A person

• I don't know!

Which is an example of a service?

• I don't know!

• A computer

• Groceries

• Getting a haircut!

What is a want?

• Something you need to live.

• I don't know!

• Something you want to have but don't need to live

• A service.

Which is an example of a want?

• Candy

• Shelter

• Clothes

• Food