Unit 2: Economics Vocab (Supply/Demand, Factors of Production)

Front

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

Back

Goods

Front

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

Back

Services

Front

All businesses related to the same type of good or service

Back

Industry

Front

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

Back

Capital

Front

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

Back

Entrepreneur

Front

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

Back

Economy

Front

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

Back

Supply

Front

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

Back

Demand

Front

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

Back

Market Equilibrium

Front

A shortage; a limited supply is available

Back

Scarcity