Economics Vocabulary

The process of choosing one good or service over another.

• Free enterprise
• Opportunity cost
• Service
• Loss

The money that the government collects from individuals and businesses to pay for public goods and services.

• Taxes
• Services
• Profit
• Supply

There is a limited amount of something.

• Loss
• Supply
• Scarcity
• Specialization

A person who comes up with a product or service, or a better way to produce one.

• Service
• Taxes
• Barter
• Entrepreneur

When the amount of money a person or company spends is more than they receive or take in

• Loss
• Profit
• Free enterprise
• Barter

Anyone who buys a good or service

• Entrepreneur
• Producer
• Consumer
• Service

When people depend on one another

• Service
• Good
• Consumer
• Interdependence

The positive gain from an investment or business after subtracting expenses.

• Good
• Profit
• Demand
• Consumber

The amount of something available for use

• Supply
• Demand
• Service
• Scarcity

Something you can feel or any kind of merchandise

• Good
• Service
• Loss
• Profit