Economics_Vocab

 The science that deals with the production, distribution, and consumption of goods and services

• Economics

• Supply

• Production

• Economic Resources

The act of buyers and sellers freely and willingly engaging in market transactions.

• Supply & Demand

• Market Transactions

• Voluntary Exchange

• Traditional Economy

 Any place where buyers and sellers meet to exchange goods and services

• Human Resources

• Market

• Equilibrium

• Free Market

How much of the goods or services consumers are willing and able to buy

• Price

• Quantity

• Demand

• Supply

The amount of a good or service that producers are willing to provide.

• Quantity

• Supply

• Demand

• Price

When something is needed but cannot be obtained in a sufficient amount

• Surplus

• Excess

• Scarcity

• Demand Shortage

When something is left over after all requirements have been met

• Demand

• Surplus

• Shortage

• Increase Effect

The point at which consumers have consumed all that producers have produced.

• Equal

• Equilibrium

• Equality

• Equity

Economic resources are

• Goods or services available to individuals and businesses to make consumer products.

• Signals that guide the supply & demand of a product or service.

• How much of the product or service a consumer is willing and able to buy.

• The speed at which producers can create a product or service and get it to consumers.

The fundamental right of every human to control their own labor and property is

• ECONOMIC FREEDOM

• ECONOMIC RESOURCES

• MICRO ECONOMICS

• MACRO ECONOMICS