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Economics Vocabulary

TermDefinition
Economy The careful management of producing, distributing and consuming wealth and resources
Productive Resources Term referring to natural resources, labor, human resources and capital resources
Natural Resources Resources that are found in the environment
Labor Resources People who work
Physical Resources Resources made using the skills of a human being
Mental Labor Resources Resources made using the brain of a human being
Capital Resources Goods used to make other goods or provide a service
Renewable Resources Resources that can be replenished naturally
Non-renewable Resources Resources that can be depleted from the environment
Goods Things or items we use that are produced
Raw materials materials in their primary form
Durable goods Goods that are not depleted or consumed
Servies A job done for someone else
Market Anywhere goods are sold or traded
Consumer Anyone who used goods and services
Wages An amount paid to an individual for services provided
Scarcity Not enouch or limited resources
Created by: hdatwyler