Economics Vocabulary

2. The level at which a person, group or country lives as measured by the extent to which it meets its needs and wants.
4. The dollar value of all final goods and services produced in a country during a single year.
9. Increase in prices of goods and services
11. An economy in which the means of production are owned by the government and are supposed to be managed for the benefit of the public
12. An economy in which most of the means of production are privately owned and these owners compete for selling what they produce.
15. A resource that cannot be replaced.
16. A resource that can be replenished in relatively short period of time.
17. The way a society decides on the ownership and distribution of its economic resources.

1. The potential benefit or gain that is gien up when choosing one option over others.
3. An economy in which goods are produced by individuals for themselves and are distributed mainly through families.
5. The amount of products and services available to the public.
6. The situation in which there are limited resources to satisfy unlimited needs
7. An economy in which parts of the economy are privately owned and parts are owned by the government.
8. Materials or substances such as minierals, forests, water, and fertile land that occur in nature.
10. Things that a person would like to have but are not needed for survival. ex: toys, expensive shoes, or video games.
13. The money that a country uses to acquire goods and services.
14. How many people want to buy a product or service.
18. Things that people require to survive: ex: food, water, clothing and shelter.