1. Economics Words and
Meanings

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

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

4. 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)

5. 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

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

7. 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

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

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

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

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

12. goods and services
that people desire

13. goods and services
that people desire
wants

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

15. a system of
producing, distributing,
and consuming goods
and services
economy

16. individuals own their
own items and
property

17. individuals own their
own items and
property
private ownership

18. tangible items that
people produce to
satisfy people’s wants

19. tangible items that
people produce to
satisfy people’s wants
goods

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

21. individuals, not the
government, determine
what goods and
services are bought
and sold
consumer sovereignty

22. any kind of work
performed for others

23. any kind of work
performed for others
services

24. to trade goods or
services without the
exchange of money

25. to trade goods or
services without the
exchange of money
barter

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

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

28. a percentage of money
taken out of your income

29. a percentage of money
taken out of your income
income tax

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

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

32. when people depend
on one another.

33. when people depend
on one another.
interdependence

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

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

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

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

38. the amount of money
made off of a sale

39. the amount of money
made off of a sale
profit

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

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

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

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

44. anyone who buys a
good or a service

45. anyone who buys a
good or a service
consumer

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

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

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

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

50. the amount of money
lost off of a sale

51. the amount of money
lost off of a sale
loss

52. physical and mental work
effort used in production

53. physical and mental work
effort used in production
human resources