Economics Vocabulary Review

Front

Scarcity

Back

Scarcity is not having enough goods and services to meet the demand.

Front

Supply

Back

Supply is the total amount of a product or service that is available for purchase.

Front

Demand

Back

Demand is the amount of goods and services that are wanted or needed.

Front

Surplus

Back

Surplus is having more goods and services than are currently in demand.

Front

Consumption

Back

Consumption is the process of using goods and services or natural resources to satisfy needs and wants.

Front

Distribution

Back

Distribution is the process of moving goods and services near the consumer.

Front

Production

Back

Production is the process of making goods and services.

Front

What is an example of a service?

Back

Cleaning service

Front

What is the definition of a good?

Back

A good is a product that fulfills consumer needs.

Front

What is an example of a good?

Back

Smartphone