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Economics--Vocabulary review

Mr. Bosley

This is a review of economic terms we have used and discussed in class. Use your journals, and what you know to complete.

The words are: scarcity, surplus, opportunity cost, decision, consumer, producer, resource, income, taxes, interdependence, specialize, good, service, supply, demand.

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3.Workers do a certain job or have a certain skill that helps out other workers in production.
4.The amount of a good a producer has.
5.A person who makes goods or provides services for consumers.
7.This occurs when there is not enough of an item.
9.A person who uses income to consume goods or services.
13.The desire consumers have to get a good or service from a producer.
14.The choice made by a consumer when an opportunity occurs.
15.This is the concept that describes how producers and consumers work together.
1.Whatever is given up when a consumer makes a decision regarding choices.
2.An item used in production by a producer.
6.This is money earned by individuals doing a job.
8.It is the opposite of scarcity, there is too much of an item.
10.A skill or knowledge that someone has that others pay to get/use.
11.Money collected by the government to provide services to the public.
12.An item made to be sold to consumers.

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