Economics Vocabulary

3. Country’s roads, railroad tracks, electric power plants, and telephone and internet systems
6. Number of items consumers want to purchase
8. Number of items ready for sale
9. How long the average person lives
11. The total dollar value of all final goods and services produced in a country during a single year.
13. Percentage of people who can read and write
14. Resources provided by Earth
15. Product that is sent out of a country to another country
16. Type of money. Examples- euro, dollar
18. Items that can be bought and sold
20. Study of how things are bought and sold
21. Product that is brought into a country from another country
22. People and business own their own businesses and decide what to produce and what to consume

1. Meeting the immediate needs of the people who follow traditions and customs of their ancestors
2. Resources provided by people
4. Goods made and used to produce other goods and services (buildings, machines, tools money)
5. Focusing on producing goods and services one makes best
7. Total value of goods and services produced by an average person
10. Government or rulers makes all the decisions
12. When there is not enough of something to meet the needs and wants of society
17. Growth in free trade between countries
19. Actions that one person or group does for another in exchange for payment