Economics Terms

What is the term for how people make, spend, and trade money, goods, and services?

• Goods

• Services

• Economy

• Profit

Which of the following are things you can touch and buy, like food, toys, or clothes?

• Services

• Goods

• Needs

• Wants

What do we call jobs people do to help others, like teaching or cutting hair?

• Goods

• Services

• Consumers

• Producers

What are things you must have to live, like food, water, and shelter?

• Wants

• Goods

• Needs

• Supply

What term describes things you would like to have but don’t need to survive, like a phone or candy?

• Needs

• Wants

• Services

• Profit

Who are the people that buy goods or services?

• Producers

• Consumers

• Suppliers

• Economists

What do we call people or businesses that make or sell goods and services?

• Consumers

• Producers

• Suppliers

• Economists

What is the term for how much of something is available to buy?

• Demand

• Supply

• Price

• Profit

What term describes how much people want to buy something?

• Supply

• Demand

• Price

• Profit

What is the term for how much money you need to pay to buy something?

• Profit

• Supply

• Price

• Demand