Economics Vocabulary

2. a person who needs to hire someone
3. a plan for how much money will be spent on each type of item that a person must buy
6. the total amount of things that a group of people can produce
10. looking for items that are similar to one that you want to buy
15. People who purchase the goods or services for sale.
19. someone who takes a risk to start a business
22. tools needed for making things (tractor, cars, computer)
23. a tax on goods that you buy
25. Something that is necessary to live, like food or water.
26. The work that someone does
27. something that can be used in a business (tools, cars, people, money)
29. Person or business that makes the goods or supply the services that are for sale,
30. mandatory payment to the government

1. what a person gives up by choosing one way of using resources instead of another (this or that)
4. The study of how we use money and resources
5. the payment a debtor makes to a lender for the use of money, typically a percentage of the principal
7. someone who works for an employer
8. Something that is produced such as televisions, cars, food and furniture.
9. Doing one thing very well in a business
10. Rivalry between two or more companies
11. tax that is charged on money earned from working
12. Something that is desirable, but not needed to survive, like new clothes or a new toy.
13. relating to what money is left after subtracting supplies, taxes and other costs.
14. The amount of products that people are willing to buy
16. the total quantity of a good or service that are available for sale
17. When a product is hard to find
18. limited amount of money that someone earns for their work
20. market The US has a _____________economy
21. Different workers do different parts of a job
23. Actions that other people or companies perform, like a maid service, trash-pick up, or a babysitter.
24. money that you have to pay back
28. When a product is easy to find