14 terms

Economics Vocabulary

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Consumer
A person that buys goods or services
Producer
A person that sells goods or services
Opportunity Cost
What you give up to get something else
Goods
something that is made or grown
Services
something someone does for someone
Resources
useful things, including natural, capital and human resources
Barter
trading items without money
Income
Money received for goods or services
Budget
An estimate of income and spending for a time period
Trade
Buying or selling goods or services
Scarcity
When something is in short supply, a small amount
Supply
Total amount of good or service available to consumers
Demand
How many consumers want a certain good or service
Economy
The wealth and resources of a country or region