Economics Vocab

The wealth and resources of a country or region especially in terms of production and consumption of goods

• Economy

• Industry

• Commercial

• Need

The economic activity concerned with the services processing of raw materials and manufacture of goods in factories

• Economy

• Industry

• Commercial

• Need

the study of economic principles and concepts used in decision-making and as such it lies on the border line of economics and business management.

• Economy

• Industry

• Commercial

• Need

circumstances in which something is necessary, or that require some course of action; necessity.

• Economy

• Commerical

• Industry

• Need

something that is desired. It is said that every person has unlimited

• Need

• Want

• Scarcity

• Producer

an estimation of revenue and expenses over a specified future period of time and is utilized by governments, businesses, and individuals

• Competition

• Revenue

• Budget

• Producer

is the difference between the revenue received from the sale of an output and the costs of all inputs, including opportunity 

• Capital

• Profit

• Tax

• Income

is often defined as the wealth or financial strength of an individual or company.

• Debt

• Income

• Consumer

• Capital

is the network of buyers, sellers and other actors that come together to trade in a given product or service.

• Market System

• Consumer

• Producer

• Income

a person who purchases goods and services for personal use

• Producer

• Consumer

• Income

• Tax