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Economics

Vocabulary so you can talk about this subject with anyone!

QuestionAnswer
goods Things that you use, buy, or sell
services work done for someone by somebody else
producers people who make something or provide a service
consumers people who buy or use goods or services
resources things that are used to produce goods or services
income money that is earned by working
market the place where goods or services are exchanged
supply how much of a product, service, or resource is available
demand how many people want a product or service, and how much people are willing to pay for a product or service they want.
price how much money something costs
shortage when supply is low, demand is high
surplus when supply is high and demand is low
Created by: karin_larson
 

 



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