Economics Vocab

Front

Study of buying & selling goods/services

Back

economics

Front

Material things that can be bought and sold

Back

goods

Front

Amount of good/service consumers will buy at a price

Back

demand

Front

Amount of goods/services producers can make at a price

Back

supply

Front

A contest between businesses to win customers

Back

competition

Front

Money left after a business pays for producing goods/services.

Back

Profit

Front

Item desired but not essential for survival

Back

want

Front

Basic survival requirement

Back

need

Front

People, groups, or companies that make goods or provide services.

Back

Producer

Front

A person who buys a good or service.

Back

consumer