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Economics Vocabluary

Vocabulary for the unit of economics.

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 naturally in the environment.
Labor resources People who work.
Physical Labor Resources Resources made using the skills of a human being.
Mental labor Resources Resources made using the brain of a human being (Bank Teller).
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 (wood, iron).
Durable Goods Goods that are not depleted or consumed.
Services A job done for someone else.
Market Anywhere that good are sold or traded.
Consumer Anyone who uses sold or traded.
Wages An amount paid to an individual or servers provided.
Scarcity An inadequate supply of resources (not enough).
Created by: Christopher Rice
 

 



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