Economics Vocabulary

A system for producing, distributing, and consuming goods and services

• Economy

• Goods

• Services

• Demand

Products that are made to be sold

• Economy

• Goods

• Supply

• Services

Work done or duties performed for other people

• Economy

• Goods

• Services

• Demand

The quantity of products ready for sale

• Economy

• Goods

• Services

• Supply

The desire and ability to buy

• Demand

• Services

• Supply

• Economy

What do supply and demand typically do?

• A measure used to evaluate the health of a country's economy. It is the total value of the goods and services produced in a country during a specific period of time, usually a year.

• Move opposite of each other

• Resources needed to create products. They include land, capital or investments, labor, and entrepreneurship.

• The percentage of people in a certain sample of population or country that have the ability to read and write.

What is GDP?

• The percentage of people in a certain sample of population or country that have the ability to read and write.

• Resources needed to create products. They include land, capital or investments, labor, and entrepreneurship.

• A measure used to evaluate the health of a country's economy. It is the total value of the goods and services produced in a country during a specific period of time, usually a year.

• The condition of not being able to have all of the goods and services one wants. They must make choices and trade-offs.

What are Factors of Production?

• Resources needed to create products. They include land, capital or investments, labor, and entrepreneurship.

• A measure used to evaluate the health of a country's economy. It is the total value of the goods and services produced in a country during a specific period of time, usually a year.

• The condition of not being able to have all of the goods and services one wants. They must make choices and trade-offs.

• Resources needed to create products. They include land, capital or investments, labor, and entrepreneurship.

What is Scarcity?

• The condition of not being able to have all of the goods and services one wants. They must make choices and trade-offs.

• The percentage of people in a certain sample of population or country that have the ability to read and write.

• Resources needed to create products. They include land, capital or investments, labor, and entrepreneurship.

• A measure used to evaluate the health of a country's economy. It is the total value of the goods and services produced in a country during a specific period of time, usually a year.

What is Literacy Rate?

• A measure used to evaluate the health of a country's economy. It is the total value of the goods and services produced in a country during a specific period of time, usually a year.

• The percentage of people in a certain sample of population or country that have the ability to read and write.

• Resources needed to create products. They include land, capital or investments, labor, and entrepreneurship.

• The condition of not being able to have all of the goods and services one wants. They must make choices and trade-offs.