Economics Vocab

Front

Coach orders 15 shirts for 15 players wanting one. Economic term?

Back

Supply & Demand.

Front

Ms. Thomas loves shopping for various items. What is she?

Back

A consumer

Front

Bob, the local farmer, grows vegetables and fruits like oranges, apples, green beans, & tomatoes for the grocery store. What is Bob called in economics?

Back

A producer.

Front

Fran's bakery sold 50 muffins, 100 cupcakes, 32 cakes, & 45 pastries, but 4 cupcakes remained. What does this represent?

Back

A surplus.

Front

Todd became a heart surgeon, now one of the best. What term describes this?

Back

Specialization of Labor.

Front

Dog walkers, lawn mowers, doctors, waiters, & maids share a commonality.

Back

They all offer services.

Front

Purchased: 5 shirts, 2 shoes, a phone case, a pretzel.

Back

Goods

Front

US sells corn to Japan. Economic term?

Back

Trade.

Front

Trees, mountains, water, and farmland are called what in economics?

Back

Resources

Front

Billy pays bills, groceries, washes his car, & pays the dog walker using various methods. What are these methods called in economics?

Back

Currency.