Economics Vocab

Front

Something you would like to have.

Back

want

Front

Something essential for survival.

Back

need

Front

Electronics are goods.

Back

True

Front

A person who produces or sells goods or services is a

Back

producer

Front

A person who buys or uses goods and services

Back

consumer

Front

Place to buy and sell goods.

Back

market

Front

Another name for positive incentives

Back

rewards

Front

Another name for negative incentives

Back

consequences

Front

Scarcity is

Back

a short supply