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Economic Terms

Economic Wants Desires that can be satisfied by consuming goods and/or services;
Goods Things that people make or grow that satisfy economic wants
Opportunity Cost What is given up or lost when one option is chosen over the next best option
Economic Resources Things that can be used to produce a good or service
Human Resources People doing physical or mental work to produce goods or services
Natural Resources Gifts of nature that can be used to produce goods or services
Capital Resources Things made by people and used to produce other goods and services
Examples of Economic Wants food, safety, good health, entertainment and transportation
Examples of Human Resources farmers, carpenters, teachers - each with special skills, knowledge and experience
Examples of Capital Resources tools, roads, bridges
Economic Decision Making comparing the benefits of one choice to the benefits of the next best choice
Services Jobs/tasks performed that satisfy economic wants
Created by: mlnicolas