Economic Terms

Who is a person who takes a risk to start a business?

• Consumer
• Entrepreneur 
• Labor
• Capital

actions that satisfy people's wants or needs

• services

• goods

• supply

• demand

objects that can satisfy people's wants or needs

• goods

• services

• demand

• supply

when something is in short supply; when there's not enough

• scarcity

• choice

• demand

• market

how much there is of something

• supply

• demand

• market

• price

how much people want or need a certain good at a specific time and place

• demand

• supply

• scarcity

• surplus

A consumer is a 

• Producer
• Goods
• Customer

A producer is

• Wants

• Services

• Someone who creates goods or services

an example of a "service"

• haircut

• A Big Mac

• A scooter

an example of "goods"

• Clothes

• A Teacher

• Producer