economics task 1 vocab pp
Post on 27-Dec-2014
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SS Vocab practice
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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
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