Economics Basic Vocab

Front

______________ person who uses goods and services

Back

Consumer

Front

Things you want or need that you can touch: ____________

Back

Goods

Front

______________ someone who makes a good or provides a service

Back

Producers

Front

Goods and services essential for survival

Back

Needs

Front

______________ the performance of work for another person

Back

Services

Front

______________ good or service we wish to have but aren’t necessary

Back

Wants

Front

______________ making money after all costs

Back

Profit

Front

Negative amount of money after costs or expenses: ____________

Back

Loss

Front

Act of making something for sale

Back

Production

Front

Act of using or buying something

Back

Consumption