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Economics Vocabulary

TermDefinition
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