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


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.


how much of something is available


how much of something people want


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


things you would like to have but do not need


something you can use


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


money received from selling goods and services


money paid to the government


money received for producing goods or doing services (working)


focusing on producing or doing one thing very well

division of labor

dividing work into separate groups


depending on one another for products and services


goods brought in from another state or country


goods sent to another state or country

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