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Economic Vocabulary

TermDefinition
economics the study of how people use and transfer resources
natural resource things that occur in nature
human resource the people who do labor
capital resource buildings, tools, and equipment used by workers to make a good or produce a service
goods products that people make or grow
services jobs that people do to help other people
production when natural, human, and capital resources come together to make goods or provide services
productivity measures how many goods or services are produced over a certain period of time
income money made by a worker
expense the money people must spend to get a good or service
specialization a very narrow range of skills that workers have
consumer people who buy a good or service
producer people who make and sell goods or services
competition businesses that offer the same goods or services; they try to make their product attractive to consumers
price how much a consumer must pay for a good or service
scarcity not enough goods or services are available
supply and demand affects the price of a good or service
profit a business has more income than expenses
loss a business has more expenses than income
international trade movement of goods and services between countries
exports goods and services made in one country and sent to another country
imports goods and services produced in another country but brought into our country
incentives rewards; an offering to influence human behavior
entrepreneurs people who risk their time and resources to start a business
opportunity cost what a person loses by choosing one opportunity instead of another
Created by: tll1nc