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Economics Vocab
| Question | Answer |
|---|---|
| productive resources | The resources used to make goods and services (i.e. natural resources, human resources and capital goods) |
| natural resources | The resources supplied by nature. They include ores, trees, land and the other things nature provides. |
| human resources | The talents and skills of human beings that contribute to the production of goods and services. |
| capital goods | Human-made materials needed to produce goods and services. (i.e. buildings, machinery, equipment and tools.) |
| entrepreneur | A person who organizes and managers any enterprise, especially a business, usually with considerable initiative and risk. |
| producer | the maker of goods using productive resources |
| consumer | one who buys and/or uses goods and services |
| scarcity | the concept of many individuals desiring something of which there is limited availability |
| opportunity cost | what you give up when you make a decision, the value of your second-best choice |
| supply | the amount of an item produced for sale |
| demand | the number of consumers who want and are able to buy an item |
| income | payments received by households, businesses and governments in a given time period that may be spent or saved |
| profit | the total revenue received by a business firm minus its total cost of production |
| imports | goods, services and capital assets purchased from other countries |
| exports | goods, services and capital assets sold to other countries |
| manufacturing | making large amounts of goods |
| free enterprise system | people can own and run their own businesses |
| market | the exchange of goods, services and resources between buyers and sellers |
| specialization | producing only a few products instead of many different products |
| interdependent | a situation in which each country needs the other to meet the needs and wants of its people |
| competition | a competition between companies to win more business |
Created by:
Sarah Weitzel
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