Economic Terms

What does 'supply' mean in economics?

• The amount of something that's available to buy

• A type of service

• A person's desire for something

• The amount of money a business makes

What is 'demand'?

• How much a product costs

• People's desire for a product or service

• The amount of goods available

• The money made after expenses

What is 'profit'?

• Goods that can be touched

• Money made by a business after expenses

• Things people need to survive

• Services provided for money

What are 'needs'?

• Luxury items like expensive shoes

• Things people require to survive

• Physical objects that can be bought

• Freedom of private business to operate

What are 'wants'?

• Services that cannot be touched

• Essential items for survival

• Things a person would like to have but are not necessary for survival

• The amount of goods available

What is 'free enterprise'?

• A service that can be touched

• Freedom of private business to operate with little government regulation

• The desire for a product or service

• A type of good

What are 'goods'?

• are things that are produced. They are physical objects that can be touched.

• Things people do for others

• People who buy products

• The money a business makes after expenses

What are 'services'?

• Things that people do for others in exchange for money

• Physical objects that can be bought

• Items necessary for survival

• The amount of something that's available

Who are 'producers'?

• People who buy goods and services

• The amount of goods available

• The people who create or provide goods or services

• The desire for a product or service

What is 'scarcity'?

• A person's desire for something

• Freedom of private business to operate

• A type of service

• The condition of not having all the goods and services one wants