Economic Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economics | the study of how people use and transfer resources
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| natural resource | things that occur in nature
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| human resource | the people who do labor
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| capital resource | buildings, tools, and equipment used by workers to make a good or produce a service
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| goods | products that people make or grow
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| services | jobs that people do to help other people
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| production | when natural, human, and capital resources come together to make goods or provide services
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| productivity | measures how many goods or services are produced over a certain period of time
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| income | money made by a worker
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| expense | the money people must spend to get a good or service
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| specialization | a very narrow range of skills that workers have
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| consumer | people who buy a good or service
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| producer | people who make and sell goods or services
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| competition | businesses that offer the same goods or services; they try to make their product attractive to consumers
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| price | how much a consumer must pay for a good or service
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| scarcity | not enough goods or services are available
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| supply and demand | affects the price of a good or service
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| profit | a business has more income than expenses
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| loss | a business has more expenses than income
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| international trade | movement of goods and services between countries
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| exports | goods and services made in one country and sent to another country
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| imports | goods and services produced in another country but brought into our country
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| incentives | rewards; an offering to influence human behavior
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| entrepreneurs | people who risk their time and resources to start a business
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| opportunity cost | what a person loses by choosing one opportunity instead of another
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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