Economic Vocabularies

Economics Vocabularies: Do you know what these words mean?
• Economics –making, buying and selling goods or services
• Barter –trade
• Goods –things people buy or sell
• Services –work for other people. Workers earn money for their services.
• Supply –how many goods there are for people to buy
• Demand –how many people want to buy something
• Scarcity –a limited number, not enough
• Producers –people who make goods or offer services
• Consumers –people who pay for goods or services
• Opportunity Cost –something you give up so you can choose another thing
• Profit –extra money you earn from selling goods or services
• Loss –money you lose from selling goods or services
• Specialization –when a person or a business has special skills to do part of a task and needs other people to complete the work
• Interdependence –when people and businesses depend on each another
• Taxes –People pay taxes for public goods and services.
• Entrepreneur –a person who invents and sells a new product or service, or invents a
better way to produce an old one
• Free Enterprise –Business owners make their own decisions.

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