Economics Vocabulary

Front

to carry into the country

Back

import

Front

to carry out of the country

Back

export

Front

whatever must be given up to obtain some item

Back

opportunity cost

Front

Actions or activities that one purchases and performs for another

Back

services

Front

The amount of goods available

Back

supply

Front

the quantity of a good or service that consumers are willing and able to buy

Back

demand

Front

A person who purchases goods and services for personal use

Back

consumer

Front

Raw materials supplied by nature such as trees, air, water

Back

natural resources

Front

talents and skills of people who work to produce goods and services

Back

human resources

Front

Buildings, machines, technology, and tools needed to produce goods and services.

Back

capital goods