Economics Vocab

Something nice to have but can live without it

• Needs

• Wants

• Goods

What is the study of spending and making money?

• Wants

• Needs

• Economy

The price of something

• Benefit

• Cost

• Services

An object that is made and can be touched

• Needs

• Service

• Goods

Something you have to have to survive

• Wants

• Services

• Needs

Acts people do to earn money

• Services

• Goods

• Wants

Making something

• Production

• Resources

• Goods

Work

• Cost

• Wants

• Labor

Citizens can own and run businesses

• Cost

• Economics

• Capitalism

Businesses have little rules from the government

• Economics

• Free Enterprise

• Goods