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Economic Terms 7-16
week 2 of economics
| Question | Answer |
|---|---|
| are things that exist/occur in the universe. Something found in nature that people use in production | Natural Resources |
| people who work to create things, idea generators | Human Resources |
| buildings, tools and equipment used by workers in the production of goods and services | Capital Resources |
| is the exchange of goods and services without using money | Barter |
| is the exchange of goods and services using money | Trade |
| relying upon others to do their part in the creation of goods and services; can be a result of specialization | Interdependence |
| a unit of exchange; something we use to purchase goods and services | Money |
| the use of resources to create goods and services | Production |
| money people spend to create or purchase goods and services | Expenses |
| people who make or create goods and services to sell | Producers |
Created by:
jhaynes
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