Economics Producers and Consumers Flashcards

Grade 4 · Social Studies · Flashcards

Key economic vocabulary covering producers, consumers, goods, services, and resources.

Flashcards

Economics: The study of how people use limited resources to produce, buy, and sell goods and services
Producer: A person or business that makes goods or provides services for others
Consumer: A person who buys and uses goods and services
Goods: Physical objects that are made and sold, such as food, clothing, books, or toys
Services: Work that one person or business performs for another, such as teaching or cutting hair
Supply: The total amount of a good or service that producers make available for sale
Demand: The desire and willingness of consumers to buy a good or service
Natural Resources: Materials found in nature — like wood, water, or coal — used to produce goods
Human Resources: The workers and skills people use to produce goods and services
Capital Resources: Human-made tools, machines, and buildings used to produce other goods
Scarcity: When there is not enough of a resource to satisfy everyone who wants it
Trade: The exchange of goods and services between people, businesses, or countries
Profit: The money a producer earns after paying all costs of making and selling a good or service