Economic Vocabulary, Grade 6

The amount of a good or service that a producer wants to sell

• demand

• supply

• equilibrium

The amount of something that a consumer wants to buy-

• supply

• demand

• equilibrium

When supply = demand

• surplus

• demand

• supply

• equilibrium

A physical item such as food or products-

• goods

• services

Things that you pay other people to provide or do for you-

• goods

• services

A situation where supply of a particular good or service is greater than the demand for the item.

• surplus

• scarcity

A situation where demand for a good or service is greater than the supply-

• surplus

• scarcity

The things needed to produce goods and services, such as buildings, land, money, and workers-

• resources

• capital

The effort given to produce goods and services, such as farming, driving a taxi, fixing a leaking pipe, and filming a movie

• resources

• labor

Money and goods needed to produce other goods and services, including money to pay salaries and rent as well as to buy or lease the buildings, machinery, tools, and equipment needed to produce products and services to sell

• barter

• capital

• surplus

• demand