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Economic vocab
Eonomic vocab
| Term | Definition |
|---|---|
| economy | the careful management of producing distrbuting and consuming wealth and resourses |
| productive resource | term referring to natural resoures,labor/human resourses and capital resou5rces and capital resources |
| natural resource | resources that are found in the envriroment |
| labor resource | people who work |
| phisical labor resource | resource made using the skill of a human being |
| mental labor resource | resources made using the brain of a human being |
| capital resource | goods used to make other goods or provide a service |
| renewable resource | resource that can be replenished naturally |
| non renewable resource | resources that can be depleted fron the enviroment |
| goods | things or items that we use that are produced |
| raw material | material in their primary form |
| durable goods | gooods 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 and services |
| wages | an amount paid to an individual for services provided |
| sarcity | an inadiquite supply of resources |
Created by:
k1106299
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