Economics Vocabulary

Front

When you give someone an item and they give you something you want in exchange

Back

Trade

Front

Something found in nature you can use to make something with

Back

Natural Resources

Front

When you pay someone to do something for you.

Back

Services

Front

The person buying or paying for something.

Back

Consumer

Front

The person making something or providing a service that someone pays for.

Back

Producer

Front

The item you get when you pay for it.

Back

Good

Front

Goods that are used to produce/make other goods.

Back

Capital Goods

Front

Group of companies that are making related things.

Back

Industry

Front

Becoming an expert at one skill or subject.

Back

Specialization

Front

Someone who has the idea and who works to create a product or service

Back

Entrepreneur