Unit 2: Economics Vocab

Tangible, or touchable, items that can be bought or sold

• Industry

• Goods

• Services

• Capital

Help or work provided by others; the intangible actions people perform

• Goods

• Supply

• Services

• Capital

All businesses related to the same type of good or service

• Industry

• Demand

• Goods

• Economy

Any man made object needed to make a product or perform a service

• Supply

• Industry

• Economy

• Capital

A person who takes the risks & starts a business in hopes of earning a profit

• Goods

• Entrepreneur

• Market Equilibrium

• Surplus

The way goods & services are produced & distributed in a place

• Barter

• Scarcity

• Economy

• Surplus

The amount of goods or services available to buy; How much is there?

• Demand

• Economy

• Supply

• Scarcity

The desire of consumers to buy a good or service; Do people want it?

• Economy

• Demand

• Market Equilibrium

• Surplus

The price of a good or service determined by its consumer demand and availability; What is the fair price?

• Market Equillibrium

• Supply

• Economy

• Entrepreneur

A shortage; a limited supply is available

• Demand

• Supply

• Surplus

• Scarcity