Economics Vocabulary

person who buys the product

• consumer

• producer

• scarcity

• competition

Needs

• items that are made and sold

• the person who creates the goods

• something you must have to survive

• something you enjoy, but don't need to survive

Which of the following is an economic competition?

• Hastings vs. Jones

• Cincinnati Bengals vs. Cleveland Browns

• Starbucks vs. Dunkin'

Supply

• how much of a good or service there is

• how many people want a good or service

• insufficient resources to satisfy everyone's wants and needs

• exit/out of the country

Economics is a social science that studies how people use scarce ____ to satisfy unlimited wants and needs

• energy

• dollars

• competitors

• resources

Bring in to the country

• import

• export

Exit / out of the country

• import

• export

Which of the following is NOT an example of a good?

• pencil

• haircut

• hamburger

• book

Person (or company) that creates the good / item

• producer

• consumer

Which of the following is an example of a need?

• phone

• xbox

• disney vacation

• shelter