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SS voc. Econom 3.7

Vocabulary words for VA SOL 3.7

TermDefinition
Natural Resources Materials that come directly from nature (Examples: water, soil, wood, coal)
Human Resources People working to produce goods and services
Capital Resources Goods made by people and used to produce other goods and services ( Examples: machines, tools, buildings)
Producers People who use resources to make goods and/or provide services
Goods Things that people make or use to satisfy needs and wants
Services Activities that satisfy people's needs and wants
Opportunity Cost What is given up when making a choice
Economic Choice The choice of our decision among alternatives or possibilities ( The item we chose)
Specialization To focus on or be an expert in one product or service
Created by: Kpjrs
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