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