Economics Vocabulary Terms

a shortage or lack of supply

• demand

• scarcity

• consume

• supply

What is Economics?

• a system of destroying, storing, and consuming goods and services

• a system of not producing needed goods and services

• a system of producing, distributing, and consuming goods and services

• a system of growing plants and trees to better the environment

to buy a product or service

• demand

• produce

• consume

• supply

selling and shipping a product is: ____________________

• Produce

• Distribute

• Demand

• Supply

the desire for a product or service

• Demand

• Supply

• Consume

• Produce

The way a place uses its money, good services, and natural resources.

• Economy

• Goods

• Services

Material found in nature that people can use.

• Natural Resource

• Human Resource

• Capital Resource

The amount of goods and services that are available.

• Supply

• Demand

• Consumer

Sally goes to buy a hot chocolate every morning at the local donut shop. What is she?

• Good

• Consumer

• Producer

Mrs. Bates is a teacher. She provides a

• Goods

• Service

• product