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Unit 7a: Economics

Unit 7a: Economics. Vocabulary. GOODS. Anything that can be grown or manufactured. SUPPLY. The degree of availability of an item. Producer. Someone who creates or manufactures a good or service through physical or mental effort. Services.

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Unit 7a: Economics

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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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