Q4 Economics Terms

The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

• Economy
• Unemployment
• GDP (Gross Domestic Product)
• Microeconomics
• Scarcity

A product or service that people will pay for. Tangible (you can hold it in your hand)

• Economic Goods
• Economy
• Unemployment
• GDP (Gross Domestic Product)
• Microeconomics

Any activity that fulfills a human want or need and returns money to those who provide it. Ex. Law mowing or haircut

• Service
• Economic Goods
• Economy
• Unemployment
• GDP (Gross Domestic Product)

The quantity of something that producers have available for sale

• Supply
• Service
• Economic Goods
• Economy
• Unemployment

The desire to own something and the ability to pay for it

• Demand
• Supply
• Service
• Economic Goods
• Economy

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

• Producer
• Demand
• Supply
• Service
• Economic Goods

A person who purchases goods and services

• Consumer
• Producer
• Demand
• Supply
• Service

Something like air, food, or shelter that is necessary for survival

• (Economic) Need
• Consumer
• Producer
• Demand
• Supply

Desires that can be satisfied by consuming a good, service or leisure activity

• (Economic) Wants
• (Economic) Need
• Consumer
• Producer
• Demand

The process of creating goods and services

• Production
• (Economic) Wants
• (Economic) Need
• Consumer
• Producer