Economics Vocabulary Terms

What is the term for the lack of goods or services?

• Supply

• Scarcity

• Demand

• Barter

What do we call the forms of work people do for other people?

• Goods

• Services

• Taxes

• Barter

How does a country manage its money and resources to produce, buy, and sell goods and services?

• Economics

• Barter

• Supply

• Interdependence

What are things people buy or sell called?

• Services

• Goods

• Taxes

• Natural resources

What is the amount producers will make for a certain price?

• Demand

• Supply

• Scarcity

• Opportunity cost

Who makes and sells goods?

• Consumer

• Producer

• Entrepreneur

• Human resources

What is the amount consumers are willing to buy for a certain price?

• Supply

• Demand

• Scarcity

• Barter

Who is someone that buys the goods or services sold by a producer?

• Producer

• Consumer

• Entrepreneur

• Capital resources

What is the direct trading of goods and services called?

• Barter

• Economics

• Supply

• Interdependence

What is the thing that people give up to do what they most want?

• Natural resources

• Opportunity cost

• Capital resources

• Taxes