Economics Vocabulary

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

Money earned for working

Worker gets paid for doing things for other people

People who buy products/services

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

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

Term for when there is huge demand and very low supply

Country with low GDP per capita/education/healthcare

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

One interdependent culture and economy

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

Something made/grown to be bought/sold

Not having enough of something

Work where no product is created

Worker gets paid for making/building

Worker grows food or raises animals

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

The amount a good or service will be sold for

What is depicted?

The point where supply and demand is balanced

Work done for economic gain

Products made elsewhere and shipped into a country 

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

What is the diagram showing?

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

Products made in country and shipped elsewhere 

What kind of economy continues its systems of the past?

Country with high GDP per capita/education/healthcare

In what type of economy does the Government control everything?

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

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

Products made to satisfy wants/needs

The amount of goods consumers will buy at a price