Economic Vocabulary

Items for sale that can be touched.

• goods

• services

• demand

• profit

the amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

things that people would like to have but can live without

• wants

• needs

• scarcity

• opportunity cost

things that people must have in order to survive

• needs

• wants

• opportunity cost

• scarcity

_____ are things we pay people to do for us.

• services

• goods

• interest

• income

____ are things we purchase.

• budget

• goods

• services

• supply

Study of how people meet their wants and needs.

• Consumer

• Economics

• Specialization

• Traditional Economy

Money a company has left over after subtracting the costs of doing business

• opportunity cost

• revenue

• profit

• incentive

Struggle among producers for consumers' money

• supply

• demand

• inflation

• competition

Economy in which individual consumers and producers make all economic decisions

• Traditional economy

• Market economy

• Command economy

• Mixed economy