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EconomicsVocab

QuestionAnswer
Economy The careful management of producing, distrubuting, and consuming wealth and resources.
Productive Resources Term reffering to natural recources, labor/human resources and capital resources.
Natural Resources Resouces that are found in the environment.
Physical Labor Resources Resources made using the skills of a human being.
Labor Resources People who work.
Mental Labor Resources Resources made using the brain of a human being.
Capitol 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.
Services A job done for someone else.
Market Anywhere goods are sold or traded.
Consumer Anyone who uses goods or services.
Wages An amount paid to an individual.
Scaricty An inedaquate supply of rescources.
Created by: Kathryn A Lenz
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