Economics terminology

provide a basic method of organizing everything in our world

Things people prefer to consume more of rather than less

The parts of the economy providing services, for example medical treatment or entertainment,...

Use or buy goods and services

What can you do with your money?

The things we would like to have, but can live without – Computer Games, Candy,Toys

The amount of a good or service available

What people are willing and able to buy

When you only have money for certain items, not all

The exchange of goods or service without money

what you must give up when you make an economic choice

Sometimes there is not enough of something to go around.

Individuals or groups who concentrate on one type of good or service

To trade one thing for another

Jobs done by humans at work

what people must have to live: food, clothing, shelter,...

Things we get from nature – Oil, Coal, Trees, Water

People need each other for goods and services

Make goods or provide services

The machines, tools and buildings needed to do a job.