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Economic Terms
Term | Definition |
---|---|
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 |