CH 7 Vocabulary

Person who creates goods and/or provides

• producer

• consumer

Person who buys goods and services with money

• producer

• consumer

When you sell something for more than it costs to produce it, make money

• supply

• profit

The amount there is of a good or service

• supply

• demand

How much people want a good or service

• supply

• demand

Materials or goods brought into a country from another

• import

• export

Materials or goods that are shipped to people outside the country

• import

• export

Not enough resources to produce or purchase all the goods and services that are needed

• scarcity

• profit

Workers or employees

• human resource

• capital resource

Items that are used to create other goods or perform a service

• human resource

• capital resource