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economics vocabulary

TermDefinition
economy the careful manegment of producing, distrobuting and cosuming wealth and resources
productive resources tern reffering to natural resources, labor/human resources and capital resources
natural resources resources that are found in the environment
labour resources people who work
physical labor resources resources made using the skills of a human being
mental labour resources resources made using the brain of a human being
capital resources goods used to make other goods or provide 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 thier primary form
durable goods goods that are not depleted or consumed
services a job done for someone else
market any where goods are sold or traded
consumer any one who uses good and services
wages an amount paid to an idividual for services provided
scarcity an indaquate supply of resources
Created by: manasisavadi
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