Economic Vocabulary Words

What a person gives up to get something they want ( your second choice)

• Producer

• Opportunity Cost

• service

Tools, machines, equipment, money, and factories used to make goods.

• Capital Resources

• Producer

• Service

The way a place uses its money, good services, and natural resources.

• Economy

• Goods

• Services

Material found in nature that people can use.

• Natural Resource

• Human Resource

• Capital Resource

The amount of goods and services that are available.

• Supply

• Demand

• Consumer

Sally goes to buy a hot chocolate every morning at the local donut shop. What is she?

• Good

• Consumer

• Producer

Mrs. Bates is a teacher. She provides a

• Goods

• Service

• product

Mrs. Smith is a server at a local restaurant. In a business she is a _______

• Capital Resource

• Human Resource

• Natural Resource

Many people want the latest video game. That means there is a big ……….

• Supply

• Demand

• Product

When the demand is high and the supply is low the price goes

• up

• down