click below
click below
Normal Size Small Size show me how
Economics Vocab
Term | Definition |
---|---|
Consumer | Someone who wants a good or service. |
Producer | People or businesses who make or provide goods and services. |
Good | Things that people buy to satisfy a want or need. |
Service | Work done for other people for a fee. |
Human Resource | People who are employed to produce a good or service. |
Natural Resource | Things that occur naturally in the world and can be used to produce a good or service. |
Capital Resource | Goods produced and used to make other goods and services. |
Supply | How much of a product or service sellers are willing to sell at various prices |
Demand | How much of a product or service buyers are willing to buy at various prices |
Surplus | The amount of a product or service available in excess of the demand |
Shortage | The amount of a product or service available that is less than the demand |
Incentive | A reward or penalty that encourages people to behave in a certain way |