Economics definitions and terms

3. The study of how people use resources to meet their needs and wants.
5. A person who buys goods and services for personal use.
7. Trading goods or services directly without using money.
8. Items that people desire but do not need for survival, like video games or luxury cars.
9. Essential items required for survival, like food, water, and shelter.
13. The resources used to produce goods and services, including land (natural resources), labour (people's work), capital (tools and machines), and entrepreneurship (business ideas).
15. A plan that outlines how much money you will spend and save over a certain period.
16. Actions or activities that one person does for another, such as haircuts or car repairs.
17. Money that is set aside for future use instead of being spent right away.
19. The amount of a good or service that producers are willing to sell at different prices.

1. Money received for work or investments.
2. The amount of a good or service that consumers are willing to buy at different prices.
4. The value of the next best option you give up when making a choice.
6. The level of wealth and comfort available to a person or community.
10. A place where buyers and sellers come together to exchange goods and services.
11. A person or business that makes goods or provides services.
12. The exchange of goods and services between people or countries.
14. A situation where there are not enough resources to meet all wants and needs.
18. Physical items that can be bought or sold, like food, clothes, and toys.