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