Economics Vocabulary

The amount of goods and services a producer is willing to sell at a price

Country with low GDP per capita/education/healthcare

The point where supply and demand is balanced

Work where no product is created

Not having enough of something

Products made to satisfy wants/needs

As the price increases, so will the quantity; the blue line

In which economy does the Government take care of needs while private companies provide wants?

Work done for economic gain

What is the main term for how people make a living in a country?

Worker grows food or raises animals

Term for when there is huge demand and very low supply

Worker gets paid for making/building

Something made/grown to be bought/sold

One interdependent culture and economy

Products made in country and shipped elsewhere 

value of all goods and services produced, divided by the number of people

As prices fall, more people want the item and vice-versa; the red line

Worker gets paid for doing things for other people

Country with high GDP per capita/education/healthcare

What is depicted?

Products made elsewhere and shipped into a country 

Which system relies on competition, that is not controlled by a government?

Money earned for working

What kind of economy continues its systems of the past?

What is the diagram showing?

In what type of economy does the Government control everything?

The amount a good or service will be sold for

The amount of goods consumers will buy at a price

What are things you would like, but aren't vital to survival?

What is a person/company that makes/grows/supplies goods to sell?

People who buy products/services

A person/company that makes/grows/supplies goods to sell