1-28 Vocabulary Words-Economics

Complete ownership or control of the entire supply in a certain area:

Consumers willingness to pay a price for a specific good or service:

Something in nature that can be used as an economic gain:

Dividing a job so that each worker has a different/specialized task to be more efficient:

A system in which people make and exchange goods and services. The flow of money.

Money a business earns after expenses are paid:

An employee or anyone who works for someone else:

When we make money, we:

When this pandemic started, we had a shortage of toilet paper. This is known as

Money a person earns:

To give for the exchange of something else:

A person who creates and manages a business:

Money you pay to the government:

The amount of a product that is available for purchase:

Seth would really love to purchase a Tesla vehicle when he gets out of college. This is a:

Tessa has more jelly beans than she needs for a project. This means she has a

A hair stylist, nail salon, or mechanic all provide a

Having a job:

These are things that are produced or grown like footballs, pencils, watermelons etc.

People or businesses that provide goods or services:

Having at least two players who want a share of the market.

We all buy things. This makes us:

Anything that is owed like doctor bills, house payment etc.

Something you must have like food and shelter.

Giving up one thing in order to get something else you desire: