Vocabulary
Money Questions
Economic Situations
Economic Jargon
Vocabulary

100

This is a person or business who makes a good or service to sell to others
What is producer

100

A service the government provides to its citizens to improve their lives.
What is a public service

100

In a command economy, this (or they) make all the decisions:
What is the government

100

Supply is high, demand is low, price is this
What is low

100

Something you might like to have, but could live without.
What is a want.

200

An idea or device used to convince consumers to buy a product
What is an incentive

200

Another word for trading
What is barter

200

You have $15 to spend in a store. You can't decide between a history book or a video game. You choose the history book. The video game is this.
What is the opportunity cost.

200

Supply is low, demand is high, price is
What is high

200

How much you have of something
What is supply

300

The difference between the amount a company's total expenses and total sales
What is profit.

300

When the usual price of goods and services rise it is called this.
What is inflation

300

If there is a lot of Christmas decorations on January 3rd, this will happen to the price.
What is it will be lower.

300

This is the product that you didn't purchase
What is opportunity cost

300

How badly people want your product or service
What is demand.

400

Something that might encourage you to purchase a product?
What is an incentive?

400

A person who runs or owns a business
What is an entrepreneur.

400

The bank does this so it can lend people money
What is pay interest on bank accounts so people will be encouraged to put their money in a bank account. The bank will use this money to make loans to people who want to borrow money

400

The definition of economics
What is how people in a society get what they need and want.

400

An economy where the government makes all or most of the decisions
What is a command economy.

500

Something that you must have to live.
What is a need?

500

This happens to the price of a product when the cost of expenses increase
What is price increase

500

These are places local businesses might want to advertise
What is the newspaper, local magazines, social media

500

What would happen if Sony didn't make enough PS5s in time for Christmas?
What is the price would be high

500

An economy where business owners and private citizens decide what goods and services will be created and what the price will be
What is free market economy.