Economics Supply and Demand Flashcards

Grade 3 · Social Studies · Flashcards

Review key economics vocabulary about supply, demand, goods, services, and markets.

Flashcards

economics: The study of how people make choices about money, goods, and services
demand: How much of a product people want to buy
supply: How much of a product is available to buy
price: The amount of money needed to purchase a good or service
goods: Physical products that can be bought and sold, such as food, toys, and clothing
services: Work that someone does for another person in exchange for payment
scarcity: When there is not enough of a resource to meet all the wants and needs of people
market: Any place or system where buyers and sellers exchange goods and services
producer: A person or company that makes or grows goods to sell
consumer: A person who buys and uses goods and services
trade: Exchanging goods or services with others
high demand: When a large number of people want to buy a product
low supply: When very little of a product is available for people to buy