Economics Words and Meanings

the amount of a good or service a seller offers for a particular price and a particular time

the amount of a good or service a seller offers for a particular price and a particular time

supply

an economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's citizens and businesses and there is little government intervention (free enterprise, capitalism)

an economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's citizens and businesses and there is little government intervention (free enterprise, capitalism) market economy

when people are trying to share a market (people are trying to sell the same good or service to the same group of people)

when people are trying to share a market (people are trying to sell the same good or service to the same group of people)

competition

amount of goods and services produced in a period of time divided by the productive resources used

amount of goods and services produced in a period of time divided by the productive resources used

productivity

a place where goods and services are bought (the place doesn’t have to be a physical place)

a place where goods and services are bought (the place doesn’t have to be a physical place)

market

goods and services that people desire

goods and services that people desire

wants

a system of producing, distributing, and consuming goods and services

a system of producing, distributing, and consuming goods and services

economy

individuals own their own items and property

individuals own their own items and property

private ownership

tangible items that people produce to satisfy people’s wants

tangible items that people produce to satisfy people’s wants

goods

individuals, not the government, determine what goods and services are bought and sold

individuals, not the government, determine what goods and services are bought and sold

consumer sovereignty

any kind of work performed for others

any kind of work performed for others

services

to trade goods or services without the exchange of money

to trade goods or services without the exchange of money

barter

a small and inadequate amount; the desire for a good or service exceeds the availability

a small and inadequate amount; the desire for a good or service exceeds the availability

scarcity

a percentage of money taken out of your income

a percentage of money taken out of your income

income tax

anyone who makes or grows a good or performs a service.

anyone who makes or grows a good or performs a service.

producer

when people depend on one another.

when people depend on one another.

interdependence

your ability and willingness to pay for a particular item or service

your ability and willingness to pay for a particular item or service

demand

any material found in God’s creation that is helpful to man such as oil, water, trees, or land

any material found in God’s creation that is helpful to man such as oil, water, trees, or land

natural resources

the amount of money made off of a sale

the amount of money made off of a sale

profit

when an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts

when an individual or a company specializes in doing one part of a task, and relies on others to complete the other parts

specialization

man made physical resources such as building, tools, machines, and equipment

man made physical resources such as building, tools, machines, and equipment

capital resources

anyone who buys a good or a service

anyone who buys a good or a service

consumer

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

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

taxes

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

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

entrepreneur

the amount of money lost off of a sale

the amount of money lost off of a sale

loss

physical and mental work effort used in production

physical and mental work effort used in production

human resources