Vocabulary
Things that we make or buy to sell
What are goods?
People that make or provide the goods or services.
What are producers?
The season in which the price of coats would be cheapest due to low demand.
What is summer?
A chef would be considered a...
What is a producer?
This refers to the factor that has anything to do with nature.
What is natural resources or land?
Things that people do for others.
What are services?
People that use or consume the goods or services.
What are consumers?
The result of not having enough of a product.
What is high prices?
Anyone who buys something is considered this.
What is a consumer?
The factor that is the work people do.
What is labor?
There aren't enough of something, or the resources are too low.
what is scarcity?
How much the seller can provide.
What is supply?
The result of a product losing popularity.
What is lower prices?
A person who provides a service, such as a firefighter.
What is a producer?
People who create or own a business.
What is an entrepreneur?
More than enough of something. Let the goods flow.
What is surplus?
How much the buyer wants to buy.
What is demand?
If the demand is high, this can also be high.
What is the price?
A person who goes to a salon to get their hair done.
What is a consumer?
Goods that are already made that are used to create another good.
What are capital goods?
The price you pay in order to make a profit.
What is Opportunity Cost?
Used to create a good.
What are resources?
Low prices are caused by low what
What is low demand?
A girl who buys lemonade from the store to open her own lemonade stand to sell lemonade to her neighbors.
What is a producer and a consumer?
Entrepreneurship is sometimes referred to as this resource.
What is technology?