Economics Vocab

The study of how people meet their wants and needs.

• Economics

• Finance

• Supply & Demand

• Producer

Which of the following is described as a "Good" ?

• Hair Cut

• Cell Phone

• Car Wash

• Teaching

The cost of what you have to give up

• Producers

• Demand

• Supply

• Opportunity Cost

The desire for a certain good or service

• Consumers

• Demand

• Supply

• Producers

People or businesses that make and sell goods

• Supply

• Consumers

• Producers

• Demand

Includes money and human-made goods such as machinery and buildings

• Capital

• Labor

• Producers

• Opportunity Cost

The 3 factors of production are:

• Capital, Labor and Deman

• Land, Labor, Capital

• Producers, Consumers and Entrepreneurs

• Supply, Demand and Cost

The work people do

• Land

• Labor

• Capital

• Goods

The trading of goods and services for other goods and services

• Trading

• Opportunity Cost

• Barter

• Demand

The ability and willingness to produce a good or service

• Demand

• Economics

• Supply

• Consumer