Economics Vocabulary

  things we would like to have, but aren’t necessary for survival

• demand

• want

• Need

• supply

 how much a good or service is available

• opportunity cost

• demand

• supply

• scarcity

things we must have to survive

• Needs

• Shortage

• Wants

• Surplus

something a person can consume (buy)

• service

• need

• want

• good

occurs when there are not enough resources to meet the needs and wants of humans

• need

• scarcity

• interdependence

• opportunity cost

 someone who creates goods or services to sell to consumers

• good

• consumer

• service

• producer

when producers have more supply than demand

• demand

• surplus

• shortage

• supply

something someone does for you

• service

• good

• surplus

• producer

how much of a good or service consumers want

• surplus

• supply

• demand

• scarcity

someone who wants to buy goods or services

• demand

• consumer

• producer

• price