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Economics Vocab

TermDefinition
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
Created by: jenwalls
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