Economics Vocabulary

6. How much people want to buy something.
7. When people focus on making only a few kinds of things.
8. Money that people and businesses pay to the government.
11. ECONOMY An economy where buyers and sellers decide what to make, buy, and sell.
13. The making of goods or the providing of services.
14. Work that someone does for someone else.

1. ADVANTAGE Being able to make something better or more efficiently than someone else.
2. When different businesses try to sell the same things.
3. COST What you give up when you choose to do something else.
4. Things that encourage people to do certain things.
5. A person who buys and uses goods and services.
9. The amount of something that is available.
10. A person or company that makes goods or provides services.
12. Things that can be bought and used.