Economic Vocabulary Words
Terms in this set (22)
The study of how individuals, families, businesses, and societies use limited resources to fulfill their wants.
The essentials everyone has to have to stay alive - food, clothing, and shelter. Americans also consider education and health care to also be needs.
According to economists, everything other than basic survival needs is considered a want.
How much of something is available.
How much of something people want.
A tangible (touchable) product that can be used to satisfy a want or need.
Actions that can satisfy people's wants and needs.
The basic economic problem that arises because people have unlimited wants and needs, but resources are limited.
The natural, human, and capital resources that are used to produce goods and services.
The resources, such as timber, fresh water, mineral deposits, that come naturally from the earth.
Tools, machines and factories used to produce other goods.
The quality and quantity of human effort directed toward producing goods and services (also called labor).
The creating of goods and services for value.
Using goods and services to satisfy wants and needs.
The manner in which goods and services move from being made to being consumed.
The value of the passed over item or activity when another item or activity is chosen.
The amount of money made after subtracting for all expenses.
The amount of money lost after subtracting for all expenses.
People who use goods and services.
People who produce goods and services.
Study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.
Factors of Production
Resources (a source or supply) of land, labor, capital, and entrepreneurship used to produce goods and services.