Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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) |
Created by:
angieskinner