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Economics Vocab

QuestionAnswer
productive resources The resources used to make goods and services (i.e. natural resources, human resources and capital goods)
natural resources The resources supplied by nature. They include ores, trees, land and the other things nature provides.
human resources The talents and skills of human beings that contribute to the production of goods and services.
capital goods Human-made materials needed to produce goods and services. (i.e. buildings, machinery, equipment and tools.)
entrepreneur A person who organizes and managers any enterprise, especially a business, usually with considerable initiative and risk.
producer the maker of goods using productive resources
consumer one who buys and/or uses goods and services
scarcity the concept of many individuals desiring something of which there is limited availability
opportunity cost what you give up when you make a decision, the value of your second-best choice
supply the amount of an item produced for sale
demand the number of consumers who want and are able to buy an item
income payments received by households, businesses and governments in a given time period that may be spent or saved
profit the total revenue received by a business firm minus its total cost of production
imports goods, services and capital assets purchased from other countries
exports goods, services and capital assets sold to other countries
manufacturing making large amounts of goods
free enterprise system people can own and run their own businesses
market the exchange of goods, services and resources between buyers and sellers
specialization producing only a few products instead of many different products
interdependent a situation in which each country needs the other to meet the needs and wants of its people
competition a competition between companies to win more business
Created by: Sarah Weitzel
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