Economics Vocabulary

Lesson 1

Producer

•Someone who makes or sells a product or service

Consumer

Someone who buys a product or service

Good•An object that people want

to buy that they can touch or hold

Service

•An action that a person does for someone else like babysitting or house cleaning.

Entrepreneur

• Someone who starts and runs a business

Interdependence

• The reliance of producers and consumers on each other.

Wage

• Money paid to a worker for the work he does

Capital

•Money needed to start a business