Economics task 1 vocab pp
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Economics Vocabulary Lesson 1
description
SS Vocab practice
Transcript of Economics task 1 vocab pp
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Economics Vocabulary
Lesson 1
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Producer
•Someone who makes or sells a product or service
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Consumer
Someone who buys a product or service
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Good•An object that people want
to buy that they can touch or hold
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Service
•An action that a person does for someone else like babysitting or house cleaning.
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Entrepreneur
• Someone who starts and runs a business
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Interdependence
• The reliance of producers and consumers on each other.
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Wage
• Money paid to a worker for the work he does
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Capital
•Money needed to start a business