Key Terms for Economics

Terms:

 Market-

• The interaction between buyers and sellers.

Consumer-

•  the one who uses the goods

Producer-

• the ones who provide the goods or the services.

List of websites or videos to watch for extra help. 

Macroeconomics- 

• study of economics at the levels including: world, regional, state, and local.

Microeconomics-

• study of economics that is very personal or individualized.

Currency-

• tanglible monies
• the basis of the economic world

 Demand-

•  the amount of something needed

Supply-

• amount of something that is available

Goods-

• things you can buy (clothes or food) 

Check out this link for goods and services.

 Services-

• Something that someone does for you (plumber, dentist

 Saver-

• one who collects goods with currency earned or collected

Borrower-

• one who collects goods with another producer's currency 

Trade-

•  exchange of goods or services between countries

Trade Restrictions-

•  factors such as culture and politics

Productivity-

• amount of products being produced in a production process 

 Scarcity-

•  how little of an item is available

Needs-

• things that are necessary 

Wants-

• things you would like to have, but don't necessarily need