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Economics Vocabulary

Economics vocabulary terms

TermDefinition
entrepreneur A person who starts and runs their own business
money anything used as payment for goods and services
economics The study of how we produce, distribute, and consume goods and services
wants Things that people would like to have but that they don't need in order to survive
supply How much of a product there is
producer People who make goods or provide services
needs Things that people have to have in order to survive
labor Workers such as doctors, lawyers, cashiers, and nurses
demand the number of people who want to buy a product
consumers people who buy or use goods and services
land natural resources such as coal, oil, water, plants, and trees
scarcity This occurs when there is not enough of a product to meet the demand
surplus This occurs when there is too much of a product (the supply is greater than the demand)
free enterprise system This is the type of economic system that we have in the United States.
Created by: Mr.Toth