Year
Shark Tank
Economics Vocab Words

Definitions

Choice: the way consumers make choices about what they buy to satisfy their needs and wants.

Consumer: people who buy things.

Economics: how people (produces) produce goods and services for other people (consumers) to consume and buy; created by maximising the amount of goods and services from Earth's limited resources.

Employeea person who works for a business. Also known as staff.

Employer: businesses who employ workers to produce goods and services.

Employment: having a job that returns an income for the work provided.

Export: sending goods to another country.

Goods: a product sold or traded within an economy, goods are items (such as pens or pencils).

Gross Domestic Product (GDP): the total value of goods and services produced in a country over a year.

Import: bringing in goods from another country.

Inflation: the general increase in prices of goods and services.

Interest: the amount of money paid to a person by a bank for keeping their money in an account with the bank; if borrowing money from a bank the interest is what is paid to the bank on top of the original amount.

Labour: the skills, knowledge and effort provided by a worker. 

Market: where buyers and sellers exchange money.

Opportunity cost: what we miss out on when making a choice, when more than two options are available, our opportunity cost is what we miss out on.

Producer: a person or business who makes or sells things for profit.

Profitthe amount of money a business earns after taking away the expenses it has to pay.

Resource: anything human or natural that can used to satisfy a need.

Scarcity: the problem of people having unlimited wants and needs but limited resources to support those needs and wants.

Services: a product sold or traded within an economy, services are activities performed by others (such as cleaning and doctors).

Specialisation: a method of production where a business or area focuses on the production of a limited scope of products or services order to gain a greater degree of efficiency.

Surveya series of questions that are asked to a group of people to gather information about what most people think.

Unemployment rate: the percent of people who are unemployed out of all the people who are able to work

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