Intro to Economics Vocab

Tangible items that can be bought or sold

• Industry

• Goods

• Services

• Capital

Intangible actions done by people; help or work provided directly to the public

• Goods

• Services

• Capital

• Free Market

All types of businesses that are related to the same good or service

• Entrepreneur

• Services

• Economy

• Industry

All manmade objects and money needed to make products or preform services

• Industry

• Capital

• Economy

• Entrepreneur

Entrepreneur

• A person who starts a business to earn a profit

• Items that may be bought or sold

• Businesses that are related to the same good or service

• A person that explores goods and services around the world

A system for how goods and services are produces and distributed in society

• Capital

• Economy

• Department Stores

• to place items on sale

An economic system in which prices and wages are determined by competition among business. It also allows people to create and sell what they choose.

• Free Market

• Surplus

• Demand

• Scarcity

The amount of a good or service available for consumers to buy

• Total

• Supply

• Surplus

The consumer's desire to purchase a good or a service

• Supply

• Demand

• Free Market

A shortage in the market, supply is limited

• Scarcity

• Surplus

• Supply