Economics vocab

the study of the manufacture, distribution, sale, and use of goods and services

• producer

• supply

• profit

• economics

a person who provides goods or services

• producer

• consumer

• entrepreneur

• revenue

someone who uses goods and services

• consumer

• producer

• entrepreneur

• profit

the amount that consumers are able and willing to buy at all possible prices at a given time

• demand

• supply

• scarcity

• profit

the amount that producers are able and willing to produce and sell at all prices at a given time

• scarcity

• profit

• supply

• demand

when there are not enough goods or services to satisfy the wants and needs of the people

• demand

• scarcity

• free market

• revenue

the 4 parts that all businesses rely on to allow them to operate smoothly

• free market

• capitalism

• factors of production

• economics

value of the next best use of resources when a choice is made

• opportunity cost

• economics

• scarcity

• consumer

materials that are produced for people to buy or things that can be seen and touched

• demand

• goods

• service

• supply

jobs that people do for one another in return for pay

• capitalism

• profit

• service

• goods