Economy Vocabulary

If the demand of a product goes up, the price will go (a)   .

If supply goes down, the price will go (a)   .

Someone who uses goods and services like a customer in a grocery store.

• consumer

• producer

• supply

• demand

How much of something available to be bought

• demand

• shortage

• surplus

• supply

Something you would like to have

• want

• need

• good

• service

Something you need to stay alive like food and water

• good

• service

• want

• need

If supply goes up, the price will go (a)   .

How much of something people want to buy

• Supply

• surplus

• demand

• shortage

When there is extra of something

• supply

• shortage

• surplus

• scarcity

Someone who provides a good or service like a farmer or doctor

• consumer

• producer

• demand

• supply