Economics Vocabulary

Term for all the activities involved in developing and exchanging products

• Business

• Consumer

• Monetary Policy

• Utility

Anything that can be bought or sold; includes goods and services

• Product

• Business

• Wages

• Utility

A physical item that can be touched

• Good

• Service

• Market

• Profit

An action or task that is performed, usually for a fee

• Service

• Good

• Market

• Wages

An individual or group who buys products; referred to as a client in service businesses

• Customer

• Market

• Business

• Service

Customers who purchase goods and services for their own use

• Consumers

• Businesses

• Standard of living

• Wages

Something a person must have in order to survive

• Need

• Want

• Good

• Service

Something that a person desires but can survive without

• Want

• Need

• Market

• Utility

Anywhere buyers and sellers meet to buy and sell goods and services

• Market

• Profit

• House

• Consumers

The difference between the income earned and expenses incurred by a business during a specific period of time

• Profit

• Wages

• Market

• Utility