Economics Vocabulary

the forced sale of property.

• Foreclosure

• Repossession

• Alimony

• Debt

Goods

• things you’d like to have

• something that a person does for you

• tangible things

• things you must have

Need

• a tangible thing

• something that a person does for you

• good or service that makes people happy

• good or service necessary for a person's survival

Opportunity cost

• how much money you trade for something

• anything you are giving up to get something

• how much time you spend getting something

• how many resources required to make something

Supply

• how much of a good or service people are willing to make and sell

• gaining or saving something you want or need

• giving up or spending something you want or need

• how much of a good or service people want to buy

Demand

• how much of a good or service people are willing to make and sell

• gaining or saving something you want or need

• giving up or spending something you want or need

• how much of a good or service people want to buy

Cost

• how much of a good or service people are willing to make and sell

• gaining or saving something you want or need

• giving up or spending something you want or need

• how much of a good or service people want to buy

Benefit

• how much of a good or service people are willing to make and sell

• gaining or saving something you want or need

• giving up or spending something you want or need

• how much of a good or service people want to buy

Monopoly

• buyers' demand bigger than sellers' supply

• a market controlled by one buyer

• a market controlled by one seller

• sellers' supply bigger than buyers' demand

Market

• where buyers and sellers trade goods and services

• place where people buy groceries

• where people buy services

• where sellers sell goods