Economic Vocab
One who purchases goods and services
Consumer
One who purchases goods or services .vs. one who provides a good or service
Consumer .vs. producer
person, company, or country that makes,grows, or supplies goods
Producer
How much there is of something.vs. How much people want something
Supply .vs. demand
Anything you desire beyond what you need to survive
Wants
What happens to the price when demand rises
The price goes up
Things that are required in order to survive
Needs
When demand goes down what happens to price
Price goes down
Countries depending on each other to get all the resources or goods they need
Global Interdependence
Not having enough of something
Scarcity