Economics Vocab

This is something that you would like to have.

• good

• need

• want

• service

This is something that you must have to survive.

• need

• want

• good

• service

These are examples of needs

• medical care

• food and water

• shelter

• clothing

Electronics are examples of goods.

• True

• False

A person who produces or sells goods or services is a

• market

• producer

• consumer

• doctor

A person who buys or uses goods and services

• producer

• consumer

• market

• doctor

Which of the following describes a place where people go to buy and sell goods.

• producer

• consumer

• market

• economics

Another name for positive incentives are

• consequences

• rewards

Another name for negative incentives are

• rewards

• consequences

Scarcity is

• a short supply

• extra supply

• a market

• a good