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Economics: Essential Vocabulary for Beginners

Learn key concepts such as goods, supply, demand, and more in economics. Understand the significance of limited resources and the dynamics of market prices. Explore the roles of producers, consumers, and the concept of opportunity cost in economic decision-making processes.

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Economics: Essential Vocabulary for Beginners

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  1. Unit 7a: Economics Vocabulary

  2. GOODS

  3. Anything that can be grown or manufactured

  4. SUPPLY

  5. The degree of availability of an item

  6. Producer

  7. Someone who creates or manufactures a good or service through physical or mental effort

  8. Services

  9. Something that a person does for someone else in exchange for money or value

  10. Consumer

  11. A person who buys a good or service

  12. Limited Resources

  13. Items that are scarce in nature and cannot be renewed

  14. Economics

  15. The study of the production, distribution and the consumption of goods and services

  16. Unlimited Resources

  17. Materials that are endless and/or can be renewed

  18. Demand

  19. The amount of a good or service that consumers are willing and able to buy

  20. Scarcity

  21. A limited supply of resources in comparison to unlimited wants and needs

  22. Market Price

  23. The price that satisfies both producers for profit and consumers for value

  24. Opportunity Cost

  25. What you give up in order to get something

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