SS Economics

23 terms by MrsParent 

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economics

the science that deals with the production, distribution, and consumption of goods and services

economy

the system of economic activity (producing, consuming, spending, saving, imports, exports..)

Natural Resources

something that is found in nature and is useful to humans (land, trees, water, coal, oil)

Human Resources

any person and their abilities and skills (mental and physical)

Capital Resources

tools used to create a good or to do a service (hammer, building, computer..)

renewable resource

a natural resource that can be re-made, re-grown, or replenished

non renewable resource

a natural resource that cannot be re-made, re-grown, or replenished. You cannot get more once it is used up.

supply

how much of something is available

demand

how much of something people want

scarcity

limited resources; something you want is not easily available; there is a shortage.

wants

things you would like to have but do not need

good

something you can use

service

something someone does for you

opportunity cost

what is given up because you choose to buy or do something else

trade off

losing or giving up one thing in order to gain something else

revenue

money received from selling goods and services

taxes

money paid to the government

income

money received for producing goods or doing services (working)

specialization

focusing on producing or doing one thing very well

division of labor

dividing work into separate groups

interdependence

depending on one another for products and services

imports

goods brought in from another state or country

exports

goods sent to another state or country

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