Economics Vocabulary

supply

• the amount of a good or service that is available to be used

• the total demand for a product in the market

• the price at which goods are sold

• the quantity of goods produced in a year

trade

• occurs when one thing is exchanged for something else

• is a type of financial investment

• refers to the act of selling goods only

• is the process of manufacturing products

occupation

• a person's job where they earn money

• a type of hobby that someone enjoys

• a place where people work together

• a skill that is learned over time

economy

• a system in which goods and services are bought and sold

• a type of currency used in trade

• a measure of a country's wealth

• a government policy on taxation

demand

• the needs and wants of a good or service

• the total amount of goods available for sale

• the price at which goods are sold

• the quantity of goods produced in a market

good

• an item you can use, wear, and eat.

• something that is beneficial or positive.

• a term used to describe high quality.

• a type of currency or money.

currency

• money

• gold

• credit

• debt

producers

• make and sell goods or services

• only sell goods

• only produce raw materials

• provide services without selling goods

scarcity

• when the demand for a good or service is greater than the supply

• when the supply of a good or service exceeds the demand

• when a good or service is available in unlimited quantities

• when the price of a good or service is too high

surplus

• when the supply of a good or service is greater than the demand

• when the demand for a good or service exceeds the supply

• when the market is in equilibrium

• when there is a shortage of a good or service