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Economics Vocab Card
Question | Answer |
---|---|
service | work that one person does for another |
goods | things people buy or sell |
needs | basic things that people need to live (food, water, shelter) |
opportunity cost | something you give up in order to get something else |
human resource | the skills, knowledge, and hard work that people bring to their jobs |
entrepreneur | a person that takes a risk, or chance, and starts a business |
scarcity | a lack of goods or services |
demand | the amount of something consumers are willing to buy for a certain price |
producer | someone who makes and sells goods |
consumer | someone who buys goods |
wants | things people would like to have, but don't need them to live |
capital resource | something made by people that helps workers make goods or provide services |
natural resource | things found in nature that are useful to people |
supply | the amount producers will make for a certain price |
benefit | a gain, advantage, or positive result |
productive resources | the four types of resources that are used to make products (human resources, capital resources, natural resources, & entrepreneurs) |