click below
click below
Normal Size Small Size show me how
Economic terms
| Term | Definition |
|---|---|
| Income | Money that is earned and used to pay for wants and needs |
| Trade | Willingness to agree to swap goods and services |
| Good | Things found in nature or made by man and sold to consumers |
| Services | Actions provided by an expert for a fee |
| Consumer | A person or group that buys goods and services |
| Producer | A person who makes goods or does services |
| Natural resources | Things out in nature that people use to make goods and provides services |
| Human resources | People who make goods or provide services |
| Capital resources | The materials and tools needed to make goods and provide services Construction workers need hammers,screws,etc /. Bakers need bowls,spoons,etc |