This document defines key economics vocabulary terms including producer, consumer, good, service, entrepreneur, interdependence, wage, and capital. A producer makes or sells products or services. A consumer buys goods or services. Goods are tangible objects people want to purchase, while services are actions performed for others. An entrepreneur starts and runs a business. Producers and consumers rely on each other in an interdependent relationship. Wages are money paid to workers, and capital is the funds needed to start a business.

1. Economics Vocabulary
Lesson 1

2. Producer
•Someone who makes or
sells a product or service

3. Consumer
Someone who buys a
product or service

4. Good
• An object that people want
to buy that they can touch
or hold

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

6. Entrepreneur
• Someone who starts and
runs a business

7. Interdependence
• The reliance of producers
and consumers on each
other.

9. Wage
• Money paid to a worker for the
work he does

10. Capital
• Money needed to start a
business