Economic Terms

Something you can buy or use (objects)

• service

• good

• want

• need

Something that somebody does for you (actions)

• want

• need

• good

• service

A persons that makes goods or provides a service.

• consumer

• producer

• service

• need

A person that buys and uses goods and services

• producer

• service

• consumer

• good

Things we would like to have, but do not need for survival.

• need

• good

• want

• service

Things we must have to stay alive.

• wants

• goods

• services

• needs

The amount of something available for consumers.

• demand

• supply

• producer

• scarce

How much consumers want something.

• supply

• demand

• consumer

• available

Not enough to meet demand.

• available

• shortage

• supply

• demand

More than enough to meet demand.

• shortage

• surplus

• demand

• supply