Economics Vocabulary
__1. consumerA. someone who uses or buys goods or services
__2. costB. the study of the manufacture, distribution, sale and use of
__3. demandC. materials that are produced for people to buy or things that
__4. economicsD. things in nature for which man has found use
__5. goodsE. jobs that people do for other people in return for pay
__6. natural resoucesF. how much in the way of goods and services people want and ar
__7. producerG. the amount of money that a company makes after all the costs
__8. profitH. the amount of money that must be spent to get a certain good
__9. servicesI. a person who makes goods or provides services
__10. supplyJ. the amount of a product that is available for people to purc
__11. employeeA. things that people must have in order to survive, such as fo
__12. employerB. things that people would like to have but can live without,
__13. human resourcesC. making and providing goods and services for people to buy
__14. needsD. the things you give up when making a choice between two thin
__15. opportunity costE. people with skills who do a job. (doctors, police, lawyers)
__16. productionF. when there are not enough goods and services to satisfy the
__17. scarcityG. money that is paid to a worker for the amount of time that h
__18. specializationH. the person who hires someone else to do work
__19. wagesI. a person who is hired by someone else to do a job
__20. wantsJ. when people do the jobs that they are interested in and do b
__21. competitionA. a contest between businesses or people to get the most custo
__22. division of laborB. different jobs needed in production are divided among variou
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