Economics - the study of how resources are used, made, distributed, consumed, and exchanged, Goods - something you buy or use, Service - an action someone does for others in exchange for money, Producer - a person who makes goods or provides services, Consumer - a person who buys and uses goods and servivces, Wants - things we would like to have but do not need for survival, Supply - the amount of something available to customers, Needs - things we must have to stay alive, Demand - how much customers want something, Scarce - not enough to meet demand, Earnings - money we get for working or providing services, Budgeting - to divide and assign what your money will be used for,

Economics Vocabulary

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