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INTRODUCTION VOCABULARY

10 introductory terms for economics

AB
SERVICESwork performed by one person for someone else
CONSUMERperson who purchases goods and services
PRODUCERperson, company, or country that makes, grows, or supplies goods
GOODSproducts used to satisfy the wants and needs of people
ECONOMIC SYSTEMeach country's way of meeting the wants and needs of its people
ECONOMICSstudying how things are made, bought, and used
RESOURCESthe items used in making goods and services
ENTREPRENEURindividual who owns a business, improves a process, or creates a new product
REVENUEthe income a business or government collects
MARKETfree and willing exchange of goods/services between sellers and buyers


Gravette Middle School
AR

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