Glossary Terms:

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Glossary terms from:
http://www.econedlink.org/e454


Goods

Tangible objects that satisfy economic wants.

Job

A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

Producers

People and firms that use resources to make goods and services.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.

Supply

The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.

Wants

Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.

Workers

People employed to do work, producing goods and services.