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Economics Voc

Economic Vocabulary

TermDefinition
Loss When the amount of money a person or company spends is more than they receive or take in
Profit The positive gain from an investment or business after subtracting expenses
Taxes The money that the government collects from individuals and businesses to pay for public goods and services
Good Something you can feel or any kind of merchandise
Supply The amount of something available for
Demand How much of a product or service is desired by buyers
Barter To trade
Scarcity There is a limited supply of something
Service Any kind of work performed for others
Economics The study of the making, buying, and selling of goods and services
Producer Anyone who makes or grows a good or performs a service
Consumer Anyone who buys a good or service
Specialization When an individual or a company does one part of a task and relies on others to complete the other parts of the task
Entrepreneur A person who comes up with a product or service, or a better way to produce one
Created by: Stauffer
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