Economics Vocab Review

A person that starts their own business.

This money earned after a sale.

Things you need to survive (i.e. water).

An economic system based upon supply, demand, and profit.

The moving of goods.

This is when people (farmers) grow only what they need to survive.

How many people want a particular product.

Actions performed for other people (by someone like a doctor).

A type of resource including money, machinery, tools, etc.

Countries relying on each other, usually economically.

Not enough (or lack of) resources.

Manufacturing companies build/make products and are therefore referred to as

Something you'd like to own (but don't need).

Human resources; workforce.

This is the study of limited resources and unlimited wants.

An economy based on customs.

A person that buys or uses products

How much of a product is available.

When a farmer (or any person) produces goods in their spare time.

This is a combination of economic systems.

These are tangible (physical) items consumers can purchase.

Making a decision based on your wants

An economy in which the government makes all decisions.