Economics: Resources and Trade Vocabulary

Someone who makes and sells goods

• producers

• services

• market economy

Someone who buys goods

• taxes

• scarcity

• consumers

The skills, knowledge, and hard work that people bring to their jobs

• demand

• human resources

• voluntary exchange

Depending on one another

• interdependent

• producers

• goods

The amount producers will make for a certain price

• market economy

• supply

• entrepreneur

The amount of something consumers are willing to buy for a certain price

• entrepreneur

• natural resources

• demand

Things made by people that help workers make goods or provide services

• opportunity cost

• capital resources

• consumers

A person who takes a risk, or chance, and starts a business

• entrepreneur

• supply

• market economy

A lack of goods or service

• demand

• taxes

• scarcity

Things people buy or sell

• interdependent

• goods

• voluntary exchange