8 terms

Economics Vocabulary

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productive resources
resources used to produces goods and services
natural resources
resources that come from nature
human resources
human work effort (both mental and physical)
capital resources
man-made physical resources
trade
act of buying, selling, or exchanging
scarcity
when there are not enough goods and/or services to satisfy the wants and needs of people
specialization
when an individual or company specializes in doing one part of a task
division of labor
different jobs needed in production are divided among workers