Community and Economy: Vocabulary

People and things used to produce goods and services

• Producer

• Resources

• Citizen

Merchandise and skills offered for a price

• Profit

• Business

• Goods and Services

An economy in which economic decisions are made in markets

• Free Enterprise

• Scarcity

• Goods and Services

A situation in which people can't have everything they want due to limited resources.

• Profit

• Scarcity

• Entrepreneur

The money that is left over after a business pays all its cost.

• Consumer

• Citizen

• Profit

Someone who makes goods or offers a service that will be sold

• Entrepreneur

• Profit

• Producer

A person who uses resources to start a business

• Citizen

• Consumer

• Entrepreneur

A company that sells goods or services

• Profit

• Business

• Scarcity

Someone who buys and uses goods and services.

• Producer

• Consumer

• Citizen

A member of a town, city, county, state, or country.

• Citizen

• Producer

• Entrepreneur