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Economics Vocabulary

Economics Vocabulary. Scarcity. Not enough. choices. Decisions you make between 2 or more things. resources. Things you need to make or build something. opportunity cost. The next best thing you give up. consumer. A person who BUYS a good or service. income. The money you earn. goods.

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Economics Vocabulary

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  1. Economics Vocabulary

  2. Scarcity • Not enough

  3. choices • Decisions you make between 2 or more things

  4. resources • Things you need to make or build something

  5. opportunity cost • The next best thing you give up

  6. consumer • A person who BUYS a good or service

  7. income • The money you earn

  8. goods • Things you can buy or sell

  9. services • Things we pay people to do for us

  10. taxes • Money you pay to the government

  11. producer • The person who makes a good or provides a service

  12. Capital resources • Tools or equipment that are man-made

  13. Natural resources • Things that come from nature

  14. Human resources • The people who do the work

  15. interdependence • Depending on others to do their part.

  16. specialization • Doing one specific job

  17. supply • The amount of goods or services available to consumers

  18. demand • The amount of a good or service people are willing to pay for or buy

  19. wants • The things you don’t need to survive, but would like to have

  20. needs • The things you have to have to survive

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