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Economics Vocabulary

Reinforces elementary level economic terms.

barterto trade
economicsthe study of money
demandthe quantity of people who want a good or service at a particular time
supplythe quantity of a good or service that is available at a given time
servicessomething people do for other people
goodsanything that can be held and touched and is wanted
needspeople have to have to survive
wantsa desire
specializationhaving one special job
interdependencewhen people are dependent on other people and communities to get the things they want and need
incomethe money you earn
profitthe extra money you have after you have paid for all resources
oppurtunity costthe best thing you have to give up to get something better
scarcitywhen there is not enough of something
human resourcesthe skills and strength that people have
capital goods resourcethe equipment, buildings, roads, tools, and machines needed to produce something
producera person who makes goods or services using available resources
consumera person who uses or buys a good or service

tiffany ray

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