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Economic Terms

Review terms we learned in our study of economics

AB
careeran occupation or profession
consumera person who buys goods or services
wantsthings you would like to have
needsthings you must have in order to survive
scarcitywhen there is a limited number of resources and an unlimited number of wants
incomemoney earned in return for services
opportunity costthe second best choice you must give up
saveto put away for later use
bartera way to exchange or trade
goodsthings people can hold or touch
producta good or a service
resourcesomething used to make a good

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