Economics Vocab

  1. consumer
    a person who buys goods or uses services
  2. employee
    someone who gets paid to work for a person or business
  3. economy
    the way a place uses its money, goods, natural resources, and services
  4. profit
    the money a business makes after paying for tools, employees, and other costs
  5. producer
    someone who makes, grows, or supplies goods or services
  6. expense
    something people spend money on
  7. budget
    a plan for using money
  8. opportunity cost
    the value of the next best choice when you choose one thing instead of another
  9. income
    the amount of money someone receives for working
  10. capital resource
    any tool, machine, or factory used to produce goods
  11. savings account
    the money a person keeps in a bank that pays interest
  12. human resource
    a person who works for a business
  13. demand
    the number of people who want certain goods or services
  14. supply
    the amount of goods or services that are available
  15. scarcity
    shortage of goods and services that are available
  16. line graph
    a graph that shows information that changes over time
  17. export
    to send goods out of a country to be sold
  18. import
    to bring in goods made or grown in another country
  19. factory
    a place where things are manufactured
  20. cooperate
    work together
  21. specialize
    to make one thing very well
  22. international trade
    trade between countries
  23. domestic trade
    trade that takes place within the borders of a country
Card Set
Economics Vocab
Will's SS quiz