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10 terms

Economics

STUDY
PLAY
natural resources
things in nature that are useful to people
capital resources
goods that are used to make other goods and services, for example tools, factory, machines
human resources
human workers and the skills that they have
limited resources
There are only certain amounts of resources. Sometimes we have to make choices because of this.
scarcity
when there is not enough of something
manufacturing
the making of goods in a factory
agriculture
farming
tourism
tourists visit an area and spend money
interdependence
when people depend on other people to get the goods they do not produce
specialization
when areas grow or produce only certain products or services