Unit 5 Topic 1 Vocabulary

things that people make or grow

• goods

• services

• needs

• want

jobs that people do to help others

• good

• services

• need

• want

an item that we desire but that is not essential to survival

• goods

• services

• need

• want

Basic requirement for survival

• producer

• consumer

• need

• want

A person who purchases goods and services

• producer

• consumer

• need

• want

A person, company, or country that makes, grows, or supplies goods for sale

• producer

• consumer

• need

• want

the quantity of a good or service that consumers are willing and able to buy

• price

• supply

• demand

• opportunity cost

The amount of goods available

• price

• supply

• demand

• economy

a situation in which consumers want more of a good or service than producers have available

• price

• surplus

• shortage

• opportunity cost

The amount of money exchanged for a good or service

• price

• surplus

• opportunity cost

• economy