Economics Vocabulary

buys and uses goods and services

• consumer

• producer

• entrepreneur

• labor

The number of consumers who want and able to buy a good or service.

• demand

• supply

• opportunity cost

• entrepreneur

Items for sale that can be touched

• goods

• services

• demand

• profit

things that people must have in order to survive

• needs

• wants

• opportunity cost

• scarcity

someone who makes goods and services

• producer

• consumer

• entrepreneur

• government

Many individuals desiring something that has limited availability; not being able to meet all the wants at the same time

• scarcity

• opportunity cost

• supply

• needs

work done for someone else in exchange for payment

• services

• supply

• scarcity

• land

things that people would like to have but can live without

• wants

• needs

• scarcity

• opportunity cost

The amount of something that is available and ready to be sold.

• demand

• supply

• income

• profit

An individual who purchases or buys goods or services are called ____________.

• entrepreneurs

• students

• monopoly

• consumers