Intro to Economics Vocab

Front

Tangible items that can be bought or sold

Back

Goods

Front

Intangible actions done by people; help or work provided directly to the public

Back

Services

Front

All types of businesses that are related to the same good or service

Back

Industry

Front

All manmade objects and money needed to make products or perform services

Back

Capital

Front

Entrepreneur

Back

A person who starts a business to earn a profit

Front

A system for how goods and services are produced and distributed in society

Back

Economy

Front

An economic system in which prices and wages are determined by competition among business. It also allows people to create and sell what they choose.

Back

Free Market

Front

The amount of a good or service available for consumers to buy

Back

Supply

Front

The consumer's desire to purchase a good or a service

Back

Demand

Front

A shortage in the market, supply is limited

Back

Scarcity