Economics Vocabulary

What is the definition of SUPPLY?

• The amount of something that is available.

• How much a product is wanted or needed.

• Someone who prepares or makes goods and services.

• A person who buys and uses up goods.

What is the definition of DEMAND?

• The amount of something that is available.

• How much a product is wanted or needed.

• Someone who prepares or makes goods and services.

• A person who buys and uses up goods.

What is the definition of PRODUCER?

• The amount of something that is available.

• How much a product is wanted or needed.

• Someone who prepares or makes goods and services.

• A person who buys and uses up goods.

What is the definition of CONSUMER?

• The amount of something that is available.

• How much a product is wanted or needed.

• Someone who prepares or makes goods and services.

• A person who buys and uses up goods.

What is a MARKETPLACE?

• The amount of something that is available.

• Someone who prepares or makes goods and services.

• Items you buy such as clothes, food, and toys.

• An open place where sales are held.

What are GOODS?

• The amount of something that is available.

• Someone who prepares or makes goods and services.

• Items you buy such as clothes, food, and toys.

• An open place where sales are held.

What are SERVICES?

• An open place where sales are held

• A plan for using money.

• An action that a person does for someone else.

• The amount of something that is available.

What is a BUDGET?

• An open place where sales are held

• A plan for using money.

• An action that a person does for someone else.

• The amount of something that is available.

Kelly sells Barb a friendship bracelet she made. The FRIENDSHIP BRACELET is an example of...

• a service

• a good

• a consumer

• a producer

Kelly sells Barb a friendship bracelet she made. KELLY is an example of...

• a service

• a good

• a consumer

• a producer