Economics Vocabulary

1. Goods are.....

• Items that can be bought and sold

• Services that are provided

• Resources that are used up

Services are...

• Objects people use.

• Actions people take.

• Things people do.

• Ideas people have.

Producers....

• Provide services

• Make and sell goods.

• Purchase raw materials

• Transport goods

Consumers....

• Produce and sell products

• Buy and use goods and services.

• Save and invest money

• Research and develop new technologies

Interdependent means...

• Working together to achieve a common goal.

• Being mutually dependent on one another.

• Relying on each other for support.

• Consumers and producers depend on each other.

Surplus...

• When a product is no longer in demand.

• When a product is sold at a discounted price.

• When more of a product is available than people will buy.

• When a product is in short supply.

When people want more of a 'product' at the price than are available to buy.

• Excess

• Surplus

• Scarcity

• Shortage

How much is available...

• Supply

• Amount

• Volume

• Availability

Money citizens and businesses pay to the government so it can provide goods and services citizens need.....

• Contributions

• Dues

• Taxes

• Levies

How much of a good or service people want...

• Supply

• Demand

• Cost

• Availability