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Economics Vocabulary
| Term | Definition |
|---|---|
| Natural Resources | Resources supplied by nature |
| Human Resources | talents and skills provided by human beings |
| consumers | people who buy goods and services |
| entrepreneurs | people who have the skills and leadership abilities to start a business and create a good or service |
| import | goods purchased from another country to be sold in yours |
| export | goods purchased from sold to another country |
| specialization | the production of only a few goods and services instead of many |
| opportunity cost | the value of the second best choice, when you give it up for something else |
| capital goods | human made materials or goods that help create something else |
| scarcity | when there is not enough of a something for the demand |
| producers | people who make goods following the factors of production |
| labor | the factor of production that refers to the workers performing a job |
| supply | how much of something is being produced |
| demand | how much of a good or service consumers are willing to buy at a certain price |
| Four Factors of Production | Land, Labor, Capital Goods, and Entrepreneurship |
| Interdependence | when nations depend on other nations for many goods and services |
| economics | the study of production, distribution, and consumption of goods and services |
Created by:
adasinger
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