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economics vocab
economics vocabulary
| Term | Definition |
|---|---|
| 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 enviroment |
| labor resources | people who work |
| physical labor resources | resources made using the skills of a human being such as a construction worker |
| mental labor resources | resources made using the brain of a human being such as a banker, teacher or doctor |
| 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 | materidals in theri primary form (wood, iron) |
| durable goods | goods that are not depleted or consumed |
| services | a job done for someone else |
| market | anywhere a good is sold or traded |
| consumer | anyone who uses goods or services |
| wages | an amount paid to an individual for services provided |
| scarcity | an adequate supply of resources (not enough) |
Created by:
christinemhewitt
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