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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 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
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