Economics Vocabulary

things you must have to live

• wants

• needs

• money

• candy

things people make or grow to sell

• barter

• consumers

• goods

• services

coins, paper bills, and checks used in exchange for goods and services

• barter

• goods

• wants

• money

the exchange of goods and services without the use of money

• services

• barter

• scarcity

• supply

not being able to meet all wants at the same time

• supply

• demand

• scarcity

• needs

the amount of items wanted

• goods

• demand

• needs

• supply

the amount of items available

• demand

• money

• supply

• scarcity

people who buy goods or services

• consumers

• barter

• producers

• supply

people who make or grow a product or provide a service

• barter

• producers

• money

• consumers

things you like, but can live without

• wants

• shelter

• food

• air