Economics Vocabulary 1 Intermediate

The study of how people make choices to satisfy their wants and needs

• Economics

• Microeconomics

• Biology

• Anthropology

Match the following

• Wants are greater than resources

• Microeconomics

• Global economy, inflation, unemployment

• Scaricity

• Temporary lack of goods or services

• Macroeconomics

• Households and businesses

• Shortage

Eggs are a ​ (a)   , and auto repair is a ​ (b)   .

• good
• service

A cellphone is a ​ (a)   , and doctors provide a ​ (b)   .

• good
• service
• macroeconomics
• scarcity

I ​ (a)   a car, but I ​ (b)   shelter to survive.

• want
• need
• Economics

My teacher provides a ​ (a)   in the classroom.

• service
• naptime
• good
• scarcity

describes choices that are logical and consistent and maximize value

• Macroeconomics

• Rational
  Decision Making

• Microeconomics

• Services

Giving up one thing for another is called a ​ (a)   .

• trade-off
• scarcity
• shortage
• consumer

A ​ (a)   is a person who purchases ​ (b)   for personal use.

• consumer
• goods and services
• only services
• producer

A ​ (a)   is a ​ ​ (b)   that ​ (c)   ​ (d)   for sale.

• producer
• person, company, or country
• makes, grows, or supplies
• goods
• consumer