Economic Vocabulary Words

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Supply

How much of something is available.

Demand

How much of something people want.

Producer

People who produce goods and services.

Consumer

People who use goods and services.

Factors of Production

Resources (a source or supply) of land, labor, capital, and entrepreneurship used to produce goods and services.

Economist

Study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Loss

The amount of money lost after subtracting for all expenses.

Profit

The amount of money made after subtracting for all expenses.

Scarcity

The basic economic problem that arises because people have unlimited wants and needs, but resources are limited.

Production

The creating of goods and services for value.

Needs

The essentials everyone has to have to stay alive - food, clothing, and shelter. Americans also consider education and health care to also be needs.

Distribution

The manner in which goods and services move from being made to being consumed.

Productive Resources

The natural, human, and capital resources that are used to produce goods and services.

Human Resources

The quality and quantity of human effort directed toward producing goods and services (also called labor).

Natural Resources

The resources, such as timber, fresh water, mineral deposits, that come naturally from the earth.

Economics

The study of how individuals, families, businesses, and societies use limited resources to fulfill their wants.

Opportunity Cost

The value of the passed over item or activity when another item or activity is chosen.

Capital Resources

Tools, machines and factories used to produce other goods.

Consumption

Using goods and services to satisfy wants and needs.

Good

A tangible (touchable) product that can be used to satisfy a want or need.

Wants

According to economists, everything other than basic survival needs is considered a want.

Services

Actions that can satisfy people's wants and needs.


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