Econ Vocab

Front

Study of how people use/spend money

Back

Economics

Front

People or companies that supply goods and services

Back

Producer

Front

Use goods and services to satisfy wants and needs

Back

Consumer

Front

An aspect of the physical environment that people value and use

Back

Resource

Front

Mutually dependent financially

Back

Economic Interdependence

Front

Something tangible that consumers desire, supplied by producers.

Back

Goods

Front

Things consumers want or need that are produced in the economy.

Back

Service

Front

Individuals focus on one job, increasing community efficiency.

Back

Specialization

Front

Difference between revenue and production cost after selling a good or service

Back

Profit

Front

When supply is lower than demand for a product

Back

Scarcity