Economy Vocabulary

___________________—things that people make

• Need

• Want

• Goods

• Services

_______________________—things that people do

• Need

• Want

• Goods

• Services

____________________—something you need to survive

• Need

• Want

• Goods

• Services

____________________—something you would like to have

• Need

• Want

• Goods

• Services

______________________—people who use goods and services

• Consumer

• Producer

• Supply

• Demand

________________—people and businesses that make or provide goods and services

• Consumer

• Producer

• Supply

• Demand

__________________—how much of something people want to buy

• Consumer

• Producer

• Supply

• Demand

_____________—how much of something is available to buy

• Consumer

• Producer

• Supply

• Demand

_______________—not enough for everyone

• Shortage

• Surplus

• Scarcity

• Competition

________________—extra supply of something

• Shortage

• Surplus

• Scarcity

• Competion