Economics Vocabulary

When you give someone an item and they give you something

you want in exchange

• Producer

• Consumer

• Trade

• Services

Something found in nature you can use to make something with

• Producer

• Natural Resources

• Trade

• Services

When you pay someone to do something for you.

• Producer

• Natural Resources

• Trade

• Services

4.The person buying or paying for something.

• Producer

• Consumer

• Trade

• Services

4.The person making something or providing a service that

someone pays for.

• Producer

• Consumer

• Trade

• Services

6.The item you get when you pay for it.

• Producer

• Consumer

• Good

• Services

Goods that are used to produce/make other goods.

• Entrepreneur

• Capital Goods

• Industry

• Specialization

Group of companies that are making related things.

• Entrepreneur

• Capital Goods

• Industry

• Specialization

Becoming an expert at one skill or subject.

• Entrepreneur

• Capital Goods

• Industry

• Specialization

Someone who has the idea and who works to create a product or service

• Entrepreneur

• Capital Goods

• Industry

• Specialization