Economics Vocabulary

What is economics?

• The process or system of goods/services that sold, bought, and produced in an area.

• The system where people move from place to place.

• The process of goods being sent into another country.

• I haven't got a clue.

The amount of something that is available and ready to be sold.

• demand

• supply

• income

• profit

Definition for demand....

• The amount of money made from a business.

• The control of a commodity (a good) or service.

• Something that is owed to someone else.

• How badly people want a good or service.

Someone who takes the risk to start and organize a business.

• entrepreneur

• debt

• consumers

• shortage

An item or service that is to be sold to consumers is called a _________.

• profit

• product

• economics

• income

An individual who purchases or buys goods or services are called ____________.

• entrepreneurs

• students

• monopoly

• consumers

Human-made materials used to produce goods and services.

• capital

• land

• labor

• entrepreneur

The value of all the goods and services that a country produces in a year.

• Gross Domestic Product (GDP)

• Factors of Production (FOP)

• Free-Market Economy (FME)

Items for sale that can be touched.

• goods

• services

• demand

• profit

talents and skills of human beings

• labor

• land

• capital

• entrepreneur