Economics Vocabulary

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

Basic things humans need to survive

• want

• import

• need

not being able to meet all wants at the same time

• demand

• supply

• scarcity

Actions that people do for others

• goods

• services

• supply

What is the definition of a need?

• Something you would like to have but will be okay without it

• Something you truly can't live without

• None of the above

What is the definition of a want?

• Something you would like too have but will be okay without it.

• Something you truly can't live without.

• None of the above

Which is Starbucks?

• Need

• Want

• Both

Food is a...

• Need

• Want

Airpods are a need.

• True

• False

Money received, especially on a regular basis, from work, investments, or other means is called...

• Savings

• Income

• Cash

• Investments