Unit 5 - Louisiana's Economy Vocabulary

Something you can use

• good

• service

• producer

• consumer

Something someone does for others

• good

• service

• price

• shortage

Something necessary to stay alive

• want

• need

• good

• service

Something you would like to have

• want

• need

• consumer

• import

Someone who uses goods and services

• producer

• consumer

• demand

• shortage

Someone who makes or provides goods and services

• consumer

• producer

• competition

• income

How much of something people want to buy

• demand

• supply

• want

• need

How much of something there is available to buy

• need

• want

• suppply

• demand

Not enough of something for everyone

• shortage

• surplus

• interdependence

• export

More than enough of something for everyone

• scarcity

• surplus

• shortage

• service