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Economics Vocab

QuestionAnswer
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
Mental Labor Resources Resources made using the brain of a human being (banker)
Capital Resources Good used to make other goods or provide a service.
Renewable Resources Resources that can be replenished easily.
Non-Renewable Resources Resources that can be depleted from the environment.
Goods Thing 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 good are sold or traded
Consumer Anyone Who Uses goods and services
Wages An amount paid to an individual for services provided.
Scarcity An inadequate supply of resources (not enough)
Physical Labor Resources Resources made using the skill of a human being.
Created by: Niiickeyy
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