Economics Vocabulary

The study of how people choose to use limited resources to satisfy their unlimited wants.

• Consumer

• International Trade

• Economics

• Agriculture

Anything that can be grown or manufactured (made)

• Consumer

• Producer

• Goods

• Services

Something a person does for someone else in exchange for money or value.

• Producer

• Consumer

• Goods

• Services

Someone who uses resources to make a good or service.

• Producer

• Consumer

• Goods

• Services

Someone who buys or trades a good or service.

• Producer

• Consumer

• Goods

• Services

Money earned from a job

• Export

• Import

• Income

• Scarcity

Goods brought into one country from another through trade or sale.

• Import

• Export

• Income

• Scarcity

Goods and services traded with or sold to other countries.

• Import

• Export

• Income

• Scarcity

Money that is used as a way to trade goods and services

• Import

• Export

• Currency

• Income

The amount of money you make after you pay all your bills.

• Income

• Currency

• Profit

• Invest