Economics Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economy | The careful management of producing, distributing and consuming wealth and resources
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| Productive Resources | Term referring to natural resources, labor, human resources and capital resources
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| Natural Resources | Resources that are found in the environment
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| Labor Resources | People who work
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| Physical Resources | Resources made using the skills of a human being
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| Mental Labor Resources | Resources made using the brain of a human being
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| Capital Resources | Goods used to make other goods or provide a service
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| Renewable Resources | Resources that can be replenished naturally
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| Non-renewable Resources | Resources that can be depleted from the environment
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| Goods | Things or items we use that are produced
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| Raw materials | materials in their primary form
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| Durable goods | Goods that are not depleted or consumed
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| Servies | A job done for someone else
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| Market | Anywhere goods are sold or traded
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| Consumer | Anyone who used goods and services
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| Wages | An amount paid to an individual for services provided
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| Scarcity | Not enouch or limited resources
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