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Economic Vocabulary

TermDefinition
donate giving away money, time, or a product to someone in need
budget a list of income and expenses
goods things you can buy or consume, such as food, books, or toys
services something someone does for you
wants things you would like to have but can live without
needs things you require for survival
scarcity when the supply of goods or services does not meet the demand because of limited resources
consumer people that use goods and services to satisfy their wants or needs
producer people that make and provide goods or services
supply the amount of a product that businesses are able to offer for sale
demand the amount of a product that people want to buy
free enterprise a system where businesses are free to determine prices based on supply and demand
Created by: kellids
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