Unit 7a: Economics Vocabulary.

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Presentation transcript:

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

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

Consumer

A person who buys a good or service

Limited Resources

Items that are scarce in nature and cannot be renewed

Economics

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

Unlimited Resources

Materials that are endless and/or can be renewed

Demand

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

Scarcity

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

Market Price

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

Opportunity Cost

What you give up in order to get something